Government Stimulus Information

The U.S. government has approved the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the largest package of its kind in U.S. history.  $2 Trillion is expected to go to help people and businesses who have been impacted by the COVID-19 pandemic (Coronavirus).
The CARES Act offers a range of benefits, including direct payments, mortgage and student loan relief and improved lending programs for businesses. Here's how you can access benefits and how 1st Community Credit Union can help:
 
DIRECT PAYMENT TO TAX PAYERS 

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Tax credits in the form of checks or direct deposit:
  • $1,200 per adult and $500 per child to individual filers earning less than $75,000 annually
  • $1,200 per adult and $500 per child to joint filers earning less than $150,000 annually
  • Lesser amounts will be provided to those individual filers earning more than $75,000 and less than $99,000, and those joint filers earning more than $150,000 and less than $198,000
Qualified individuals do not need to perform any action to receive this benefit.
If you have a 1st CCU account on file with the IRS (if your tax refunds or Social Security benefits have been sent via direct deposit in the past) you will most likely receive your payment electronically within the next month. If you are enrolled in Online Banking you can log into your account, click 'Transactions' on the tool bar, select 'Pending Transactions' and any pending deposits will be shown on the screen, along with the effective date the deposit will hit your account, the account number, and the amount of the deposit.
If you do not have an account on file with the IRS you will most likely receive a paper check in the mail. You can deposit the check into your 1st CCU account at your convenience. OR, visit the IRS.GOV website for more information on how to receive the deposit.
1st CCU offers free eAlerts for notification by text or email when a direct deposit goes into your account. 
IRS.GOV website for the latest information on Coronavirus Tax Relief 
The IRS.GOV website also has information on how non-filers can submit information to possibly get a direct deposit of the stimulus check rather than waiting for a paper check.
 
The best way to know if the Stimulus deposit has hit your account is to enroll yourself in eAlerts within Online Banking
MORTGAGE ASSISTANCE

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Mortgage lenders and servicers will be allowed to provide up to 180 days of forbearance (payment deferral) on federally-backed loans for consumers who are experiencing hardship related to the COVID-19 emergency.
If you are experiencing hardship associated with COVID-19, reach out to 1st CCU directly. 
If you already applied for forbearance on your mortgage, no further action is needed at this time. 
If you are struggling please don't hesitate to contact 1st CCU. We're here to help.
1st CCU's Call Center can connect you with one of our Lending Experts to discuss your options. Call 888-706-1228 during business hours or reach out to us here to request a call back.
UNEMPLOYMENT ASSISTANCE

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Expanded unemployment benefits approved through the CARES Act include:
  • Eligibility has been expanded to include self-employed, independent contracts/gig economy workers, nonprofit employees and others
  • The amount increased by $600 weekly
  • The duration has been extended an additional 13 weeks beyond the existing 26-week maximum
You will need to contact your state unemployment office directly if you have questions about unemployment and the expanded benefits.
States are in the process of updating their websites to reflect the new laws. File for benefits as directed on your state's website and look for information about how to receive future updates. 
Many states are experiencing high volumes of traffic and are asking filers to be patient and persistent.

Select your state in the dropdown field and click the Search button, then select the appropriate link for filing online, information on filing via telephone, or a link to more information
RETIREMENT SAVINGS ACCESS ASSISTANCE

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The federal government is waiving penalties and making other accommodations for those who need to access retirement savings early.
To learn more about your options and how 1st CCU can help you, please speak with a 1st CCU Member Service Representative.
1st CCU's Call Center can connect you with a Member Service Representative during business hours, Call 888-706-1228
STUDENT LOAN ASSISTANCE

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All payments for federal student loans (Direct and FFELP) are deferred through September 30, 2020
Contact your student loan servicer to discuss eligibility and options.
The StudentAid.Gov website is updating their website as new information comes in. 
ENHANCEMENTS TO THE SMALL BUSINESS ADMINISTRATION (SBA) PROGRAM


Expanded SBA benefits to enable more companies to qualify for larger loan amounts at more favorable terms:
  • Paycheck Protection Program established to provide loans to small businesses affected by economic conditions as a result of COVID-19. They have increased the SBA 7(a) loan program maximum to $10 million through December 31, 2020. 
  • SBA Express program maximum has been increased to $1 million (from $350,000) through December 31, 2020.
 Small businesses impacted by coronavirus-related issues between February 15 and June 30, 2020 may apply for loans, which will remain available through the end of June.
All 501(c)(3) nonprofits, 501(c)(19) veterans organization, tribal businesses with fewer than 500 employees, individuals who manage a sole proprietorship, and independent contractors are eligible. Each entity is limited to one loan, determined by the applicable taxpayer identification number (TIN).
SBA.GOV website for Disaster Loan Assistance
 
Call 888-706-1228 during business hours if you need to speak with Arnie Rettler, Member Business Loan Officer. Or, if you are unable to call during business hours CLICK HERE TO ASK A QUESTION  and one of our lending professionals will get back to you the next business day.
The CARES Act also includes multiple provisions to provide tax relief to businesses
Contact your tax advisor to learn more
Treasury.Gov web page with information about assistance to businesses
1st Community Credit Union is here for you. If you are experiencing hardship or if you anticipate challenges please reach out to 1st CCU directly by calling 888-706-1228 during business hours or to leave a message after business hours.
For an update on what 1st CCU is doing to protect members and employees during the COVID-19 pandemic, while still providing the service you deserve, check out our COVID-19 Response page.