As a result of the impact COVID-19 has had on our country, Congress recently passed a stimulus package intended to help Americans during these unprecedented times. This $2 trillion-dollar bill will offer financial assistance by providing individuals and families a one-time payment, it will also offer increased unemployment benefits for those that have lost employment, as well as provide financial assistance to help small business owners. We’ve broken down the various program offerings to help explain in a little more detail.
Coronavirus Tax Relief and Economic Impact Payments:
Due to the financial stress some of us may be experiencing, you are probably mostly concerned with the one-time deposit that will be coming your way. Good news is, the government intends to get that rolling within the next couple of weeks, and qualifying individuals may see the funds deposited within 3-4 weeks. For the most up to date information and to find additional details, we encourage you to go directly to the source, the IRS. https://www.irs.gov/coronavirus.
The IRS has launched a web-based portal that will allow you to verify your eligibility as well as update your direct deposit information. Visit https://www.irs.gov/coronavirus/economic-impact-payments today.
Direct Deposit Payments:
The IRS will use information from 2019 or 2018 tax filings to calculate payment and obtain account information for Direct Deposit. These payments will look just like a typical tax refund ACH credit and will include Social Security Number. The Company Name field will indicate IRS TREAS 310 and the Entry Description field will indicate TAX REF. Payments from a federal agency include a value of 2 in the Originator Status Code field of the Company/Batch Header Record.
The checks will look like a regular Treasury check, but with an identifier in the memo line. The exact text of the memo line has not yet been made public. Treasury checks can be verified at tcva.fiscal.treasury.gov.
Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Federal Pandemic Unemployment Compensation:
Due to the inevitable job loss that has already happened and may continue to happen to many, there have been some modifications made to the unemployment benefits. From extending the period in which one can receive benefits to (now four months) to the increase in weekly benefit (increase of $600 on top of what your state currently provides). To apply for unemployment and/or to see what your state offers visit https://www.usa.gov/unemployment . Please note that you may qualify for benefits if any of the following apply to you:
- Need to take care of a family member who has been diagnosed or you have been diagnosed with COVID19.
- Childcare closed due to COVID19 and you’re unable to work.
- You’ve been given direction to self-quarantine.
- You were going to start new job and were immediately laid off due to COVID19.
- Employer shut down due to COVID19.
- Primary breadwinner of household died as a result of COVID19.
Small Business and Student Loans Assistance
For those that are a small business owners, there is also an allotment intended to help out small businesses with 500 employees or less stay in business while also being able to keep as many employees as possible. These loans will be administered by the Small Business Administration (SBA), to find out more information, visit https://www.sba.gov
Finally, one last piece of information that we wanted to provide you with is that this Stimulus Package is also offering support on federal student loans. This includes up to six months of postponed payments (including interest). If you are currently enrolled in a deferment plan, these 6 months don’t count towards your deferment timeframe. For additional details pertaining to your particular student loan(s) its best to reach out to your provider or log into your student loan portal to see if your loans qualify.
We know this was a lot of information, but we hope you found these few nuggets helpful. As a reminder, Partners is here to help. For the benefit of our Members and The Walt Disney Company’s cast members, employees, and Imagineers, Partners has enacted our Member Assistance Program (MAP) to help Members secure funds or payment relief quickly after being impacted by a natural disaster. To find out more about the program or to request a loan extension visit https://www.partnersfcu.org/credit-cards-and-loans/insurance/member-assistance-program/#MAP