May 21, 2020

Economic Impact Payments (EIP) Debit Cards

Economic Impact Payments, also known as stimulus payments, continue to be sent to people across the US.  During the week of May 18th, some individuals who qualify for a payment, received a prepaid Debit Card with their funds. If the IRS did not have bank account information, and you did not receive a paper check, your funds will be made available through a Debit Card. This is what the Debit Card looks like –

Front of EIP debit card            Back of EIP debit card

Details on how the card works, how to activate, create and access your online account, and Frequently Asked Questions (FAQs) can be found at the website www.EIPCard.com.

April 16, 2020

Quick Reference Guide For COVID-19 Assistance Packages

Please click below to access a guide which provides an overview of the key government support initiatives to aid individuals and business owners mitigate the financial impact of the coronavirus pandemic. The information in the guide is subject to change as additional details emerge around how these programs will be implemented .

April 15, 2020

Looking For Your Stimulus Check? New IRS Tool Lets Tax Filers Update Direct Deposit, Track Progress

The Treasury Department and the Internal Revenue Service (IRS) have released a new web tool that will allow taxpayers to update their direct deposit information to receive their Economic Impact Payments more quickly. It will also allow you to check your payment status and indicate when and how you will receive payments.

The new tool, Get My Payment, will:
• Provide you with the status of your payment, including the date your payment is scheduled to be deposited into your bank account or mailed;
• Advise you of your payment type; and
• Allow eligible taxpayers a chance to provide bank account information to receive payments more quickly rather than waiting for a paper check. This feature will be unavailable if the Economic Impact Payment has already been scheduled for delivery.

You’ll be asked to enter a few bits of key information, including your Social Security Number, date of birth, and address. This information needs to match what the IRS has on file (with your last filed return). Have your 2019 tax return (if filed) and your 2018 tax return handy.

Checks are already hitting bank accounts. For security reasons, the IRS plans to mail a letter about the economic impact payment to your last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment.

Keep in mind that the payment is NOT taxable and will not affect your 2020 refund. Things are happening at a rapid-fire pace and additional information continues to become available daily. We will continue to update you with this information and invite you to check out our website at ABT.bank for additional updates.

April 1, 2020

CARES Act – Small Business Relief

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was created to help small businesses keep workers employed amid the pandemic and economic downturn. The U.S. Chamber of Commerce created a Small Business Guide and Checklist to help you understand what is available and how to take advantage of this program. You can access this guide by clicking the button below.

The United States Congress recently approved nearly $350 billion to help small businesses keep workers employed amid the COVID-19 pandemic and economic downturn. The Paycheck Protection Program (PPP), which is part of the CARES Act, provides 100 percent SBA guaranteed loans to small businesses, non-profit organizations and other qualified entities. These loans may be entirely forgiven if borrowers meet program requirements. For questions on eligibility, or details of the program, access the Cares Act Small Business Guide and Checklist below or reach out to your banker with any additional questions. The Paychek Protection Program Application Form is accessible by clicking the ‘Application’ button below. Please return the completed form to your banker.

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