WHAT IT MEANS FOR INDIVIDUALS & BUSINESSES
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a stimulus bill signed into law by President Donald Trump on Friday, March 27, 2020. This legislation provides relief for individuals and businesses impacted by the coronavirus (COVID-19) outbreak. Please visit IRS.GOV/CORONAVIRUS for more information.
Here’s a brief look at what this may mean for individuals and businesses:
PAYMENTS TO TAX PAYERS
Qualifying tax payers will automatically receive tax credits as a payment via direct deposit if you provided direct deposit information on your 2019 or 2018 tax return or receive Social Security benefits. If the IRS does not have your direct deposit information on file, in the coming weeks, you’ll have the opportunity to add it through their web-based portal. If you receive a physical check, you can deposit it at a Purdue Federal drive-up, video teller or ATM, or via mobile check deposit using the Purdue Federal app.
Payment amounts vary according to filing status and reported income:
- $1,200 per adult plus $500 per child to individual filers earning less than $75,000 annually
- $1,200 per adult plus $500 per child to joint filers earning less than $150,000 annually
- Lesser amounts to individual filers earning more than $75,000 and less than $99,000, and joint filers earning more than $150,000 and less than $198,000 annually
PAYMENTS TO NON-FILERS
Some U.S. citizens and permanent residents were not required to file taxes in 2019. You may still be eligible if you:
- Had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019
- Weren’t otherwise required to file a federal income tax return for 2019, and didn't plan to
To learn more, visit https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here and provide the necessary information to the IRS through Non-Filers: Enter Payment Info. There are no fees and the process is simple. Once you submit your information, the IRS will determine your eligibility and send your payment if suitable.
Useful tools and information:
- How much money will you receive? Use our Banzai calculator to help predict your stimulus check amount.
- Social Security Recipients Will Automatically Receive Economic Impact Payments
- Read the Consumer Financial Protection Bureau's guide about the economic stimulus relief.
MORTGAGE PAYMENT DEFERRAL
If you are experiencing a financial hardship due to the coronavirus and need relief from your mortgage payments, please contact us at 765.497.3328 or 800.627.3328. Through the CARES Act, we can provide up to 180 days of payment deferral (forbearance).
FEDERAL STUDENT LOAN ASSISTANCE
Federal student loan payments (direct and FFELP) are deferred through September 30, 2020. You should contact your student loan servicer to discuss your eligibility.
EXPANDED UNEMPLOYMENT BENEFITS
Unemployment benefits have expanded in three areas:
- Includes self-employed, independent contractors/gig economy workers, nonprofit employees and others
- Amount increased by $600 each week
- Adds 13 weeks beyond the current 26-week maximum
You should contact your state unemployment office to discuss in details, and you can get started at https://www.dol.gov/general/topic/unemployment-insurance.
RETIREMENT SAVINGS ACCESS
The CARES Act waves penalties and allows for other accommodations for individuals who need to access their retirement savings early.
Purdue Federal Business Services is actively reviewing the many sections of the CARES Act related to business owners, and developing procedures and processes to handle our business members’ needs during this difficult time.
Paycheck Protection Program (PPP)
Purdue Federal Credit Union is accepting applications and required documentation for the Paycheck Protection Program (SBA CARES Act Loan). Purdue Federal is not yet able to submit the applications to SBA for processing and approval; however, we anticipate being able to submit applications and having formal approvals in the next few business days. We know this is an urgent need for our business members and we appreciate your patience. We assure you our Business Services team is diligently working to get SBA authorization for your requests.
**PLEASE NOTE: Due to high demand, we’re only serving current Purdue Federal business members for the PPP Loan at this time.
- Member Business Services Letter
- PPP Loan Calculation Worksheet
- Borrower Information Sheet
- Required Documents
- PPP Application Form
We're here for you
Let’s work together. Call us at 800.627.3328 or email firstname.lastname@example.org to learn if you'd like to utilize any of the financial assistance options we're offering, or let us develop a specific plan to help with any financial burden during this crisis.