For information on assistance for those impacted by COVID-19 , click here.

Assistance for those impacted by COVID-19

Assistance for those impacted by COVID-19

Your financial wellness is a priority and we want to help you get the most from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This $2 trillion stimulus package has been approved by the government to help individuals and businesses impacted by coronavirus.

As your trusted financial partner, we’re here to help you navigate the solutions that can benefit you. Here, we’ll look at some key parts of the CARES Act and how to access them.


ONE-TIME TAX CREDIT

The CARES Act includes one-time tax credits you’ll receive as a direct deposit or check.

Individual Filers
$1,200 for individuals, plus an additional $500 per child, for filers earning less than $75,000 annually. Individuals who earn more than $75,000 and less than $99,000 will receive a lesser amount.
Joint Filers
$2,400 for joint filers, plus an additional $500 per child, for filers earning less than $150,000 annually. Joint filers who earn more than $150,000 and less than $198,000 will receive a lesser amount.

HOW IT WORKS
You don’t need to take any action to receive the tax credit.

If you have a bank account on record with the IRS for direct deposit of tax refunds or Social Security benefits:
You will likely receive your payment electronically

If you do not have an account with the IRS: You will likely receive a paper check


UNEMPLOYMENT ASSISTANCE

The CARES Act expands unemployment benefits.

  • Self-employed and independent contractors/gig economy workers are now eligible
  • Provides an additional $600/week for up to four months
  • Provides an additional 13 weeks of benefits beyond the existing 26 weeks, through December 31, 2020

HOW IT WORKS
Apply directly with your state’s unemployment office.
Visit The USA Unemployment Help Page for Additional Information

The CARES Act includes one-time tax credits you’ll receive as a direct deposit or check.


STUDENT LOAN ASSISTANCE

All payments for federal Direct and FFELP student loans are deferred through September 30, 2020 as part of the CARES Act.

HOW IT WORKS
For this program, you will want to reach out directly to your student loan servicer.
Visit Federal Student Aid for FAQs


HELP FOR HOMEOWNERS

Mortgage lenders and servicers are allowed to offer 180 days of payment deferrals (forbearance) on federally-backed loans for those experiencing hardship due to the COVID-19 pandemic.    

HOW IT WORKS
To request payment deferrals for your mortgage, you'll want to reach out to the lender that you are making your payments to.


RETIREMENT SAVINGS ACCESS

Individuals impacted by COVID-19 can take advantage of the government waiving certain penalties and making other accommodations for those who need to access retirement savings early. Note, the required minimum distribution (RMD) for IRAs has been waived for 2020.

HOW IT WORKS
Contact your retirement account or IRA specialist. You’ll also want to make sure you’re working closely with your tax advisor.


Looking for additional income? Thousands of job opportunities.

If your job has been impacted or if you’re looking for additional ways to make money, Steady can help. Download the free Steady app for access to thousands of part-time, flexible jobs in your area that may fit your background, schedule, and financial goals. Click here to join Steady’s 1.7 million member community today!