LATEST UPDATES ON STIMULUS Payments – DECEMBER 28, 2020
Stimulus Payments are Coming Soon
The government recently announced a second round of stimulus payments for Americans that meet certain criteria. Stimulus payments will be dispersed to you via the same method as your 2019 tax refund. We have some helpful tips for you to track your stimulus payment.
View Your Stimulus Payment Online
Initial direct deposits may start posting to accounts as early as January 4, 2021. You can log in to Online Banking to see if your stimulus payment has posted. If you do not have Online Banking, you can enroll here.
Set Up Alerts
If your stimulus payment hasn’t posted yet, our Online Banking system allows you to choose the type of alert you will receive the moment it posts to your account. Learn how to set up an alert.
Stimulus Check Arriving by Mail
Some Americans will receive their stimulus payment by check in the mail. All checks are projected to be sent out by the end of January. For additional questions about the second round of stimulus payments, visit the IRS website.
On Friday, March 27, 2020, the Coronavirus Aid Relief and Economic Security (CARES) Act was enacted, representing one of the largest emergency aid and economic assistance programs ever adopted. Although guidelines on the implementation of the CARES Act have not yet been shared with financial institutions, we recognize the importance of communicating information about the CARES Act, and how it could potentially assist you.
Other CARES Act Programs
- Home Mortgage Forbearance and Foreclosure Moratorium
- Multi-Family Mortgage Forbearance
- Tenant Eviction Moratorium
- Suspension of Student Loan Payments
- Credit Reporting Limitations
- Retirement Plan Loans and Distributions
Home Mortgage Forbearance and Foreclosure Moratorium
Information
- Foreclosures prohibited for 60 days following March 18, 2020
- Borrowers who have experienced a COVID- 19 related hardship may request up to 180 days forbearance
Benefits
- Additional time to stay in your home despite a pending default
- The opportunity to defer payments due to COVID-19 related hardship for 180 days and seek further forbearance after that for an additional 180 days
- No penalties, interest or fees charged beyond those applicable if payments were made on time during the forbearance period
- No fees or charges permitted for forbearance
- Forbearance will not result in an adverse credit report
General Eligibility
- Mortgages held by Fannie Mae and Freddie Mac, insured by HUD, VA, or USDA, or directly made by USDA held or insured by Federal agencies
- Some states may have similar programs applicable to other mortgages
Next Steps
- Federal regulations to establish program procedures Submit a request for forbearance
Multi-Family Mortgage Forbearance
Information
- Up to 90 days of forbearance for multifamily borrowers with a federally backed multifamily mortgage loan who have experienced a financial hardship
Benefits
- The opportunity to defer payments due to COVID-19 related hardship for 30 days with extensions for an additional 60 days
- Not obligatory and forbearance can be revoked
General Eligibility
- Mortgages on real property designed for five or more families that are purchased, insured, or assisted by Fannie Mae, Freddie Mac, or HUD
- May not evict or charge late fees to tenants for the duration of the forbearance period
Next Steps
- Federal regulations to establish program procedures Submit a request for forbearance
- If you have a multi-family mortgage with us and would like to make a request for forbearance, please click here
Tenant Eviction Moratorium
Information
- 120 Moratorium on evictions of tenants
Benefits
- For 120 days beginning on the date of enactment of the CARES Act, landlords are prohibited from initiating legal action to recover possession of a rental unit or to charge fees, penalties, or other charges to the tenant related to such nonpayment of rent
General Eligibility
- Applicable to properties with a mortgage insured, guaranteed, supplemented, protected, or assisted in any way by HUD, Fannie Mae, Freddie Mac, the rural housing voucher program, or the Violence Against Women Act of 1994
Next Steps
- Federal regulations to establish program procedures
Suspension of Student Loan Payments
Information
- Suspension of payments on student loans held by the Department of Education for 6 months
Benefits
- Payments on student loans held by the Department of Education are suspended for 6 months
- Interest will not accrue during the suspension period
- No involuntary collection activities during the period of payment suspension
General Eligibility
- Applicable to student loans held by the Department of Education
Next Steps
- Federal regulations to establish program procedures
Credit Reporting Limitations
Information
- Borrowers who agree to forbearance or modified payments reported as same status prior to the accommodation or current for credit reporting purposes
Benefits
- This applies so long as the consumer has fulfilled requirements pursuant to the forbearance or modified payment agreement
General Eligibility
- Protection is available beginning January 31, 2020 and ends 120 days after the date the national emergency declaration related to the coronavirus is terminated
Next Steps
- Federal regulations to establish program procedures
Retirement Plan Loans and Distributions
Information
- Availability of COVID-19 based hardship distributions from retirement plans
- Increased loan availability from retirement plans
- Minimum distribution requirements for most qualified plans are temporarily waived
Benefits
- Eligible distributions in an amount up to the lesser or the participant’s plan balance or $100,000
- Covered distributions not subject to 10% early withdrawal penalty but would be subject to income tax, payable over up to three years
- Distributions may be repaid at any time during the three year period beginning on the day after the date such coronavirus-related distribution was received
- The limit on total plan loans from the participant’s vested balance increased from $50,000 to $100,000
- The due date of any plan loan made between the date of enactment of the CARES Act and December 31, 2020, may be delayed for one year
General Eligibility
- Eligible retirement plans for distributions include employer sponsored plans and IRAs
- Applicable to distributions from an eligible retirement plan made on or after January 1, 2020 and before December 31, 2020, to an individual (1) who is diagnosed with COVID-19, (2) whose spouse or dependent is diagnosed with COVID-19, or (3) who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, had hours reduced, or other factors as determined by the Secretary of the Treasury
- Applicable to loans from an employer sponsored plan made during the 180-day period beginning on the date of enactment of the CARE Act
Next Steps
- Federal regulations to establish program procedures
- Plan loans are subject to the terms of your employer’s retirement plan, including any fees and application requirements
- Any decision to take a distribution or loan from your retirement accounts should be discussed with your financial advisor