WHAT IT MEANS FOR INDIVIDUALS
The Coronavirus Response and Relief Supplemental Appropriations Act of 2021 is a stimulus bill signed into law by President Donald Trump on December 27, 2020 to provide 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, receive Social Security benefits or received the last stimulus check via direct deposit. If the IRS does not have your direct deposit information on file, in the coming weeks, you will be sent a physical check or debit card. 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:
- $600 per adult plus up to $600 per child to individual filers earning less than $75,000 annually
- $1,200 per married couple plus up to $600 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 registered with the IRS.gov non-filers tool at the time of the last stimulus and were deemed eligible.
If you did not file a 2019 tax return or register with the IRS.gov non-filers tool at the time of the last stimulus, but you meet the eligibility requirements, you can still claim the equivalent Recovery Rebate Credit when you file your 2020 federal income tax return.
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 January 31, 2021. You should contact your student loan servicer to discuss your eligibility.
EXPANDED UNEMPLOYMENT BENEFITS
Unemployment benefits continue to be expanded:
- Includes self-employed, independent contractors/gig economy workers, nonprofit employees and others
- Amount increased by $300 each week for up to 11 weeks
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.
We're here for you
Let’s work together. Call us at 800.627.3328 or email [email protected] 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.