COVID-19: CARES Act
In response to the outbreak and related financial impact, the $2 trillion Coronavirus Aid, Relief & Economic Securities Act (CARES ACT) was signed into law on Friday, March 27, 2020. The goal of this act is to provide financial relief for individuals, families and small businesses from the effects of the economic slowdown.
We’ll address your frequently asked questions below, targeting the benefits potentially most relevant to you. We encourage you to consult our teammates with questions specific to your situation. While we'll focus mostly on individual and family information below, we've also created a dedicated page covering CARES Act's opportunities for small businesses.
Will I receive a stimulus check?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment.
For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
How much will I receive?
Your payment will be based on your most recently filed tax return. So, if you've already filed for this year, it will be based on your 2019 return. If you haven't, don't worry because the deadline has been extended, and your payment will be based on your 2018 return.
Eligible taxpayers will automatically receive a payment of up to $1,200 for individuals or $2,400 for married couples. Families can also receive an additional $500 for each qualifying child, up to 3 children, for a total family benefit of up to $3,900.
There are a number of other details to be considered including eligibility for individuals receiving Supplemental Security Income (SSI) and Social Security Disability Income (SSDI).
The IRS continues to provide updates as they develop here.
How will I receive my funds?
The vast majority of people do not need to take any action. The IRS will calculate and automatically send economic impact payments to those who are eligible. The payment will be direct deposited into the same bank account reflected on your most recently filed tax return.
If you don't think the IRS has your direct deposit information, don't worry. In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their bank information to the IRS online, so individuals can receive payments immediately as opposed to waiting for checks in the mail.
The full details regarding how you will receive the stimulus funds are available on the IRS website in the news release titled IR 2020-61. If you would like to set up direct deposit for your check, click here.
Holy Rosary Credit Union members can deposit funds in the following ways:
- Direct deposit to your HRCU account if you have established this account for direct deposit of tax refunds or Social Security Benefits
- Mobile Check deposit
- ATM deposit at a CO-OP Shared Branch
- Drive-thru deposit at a CO-OP Shared Branch
- At a Holy Rosary Branch
Where can I find my account information for setting up direct deposit?
In order to set up direct deposit you will need the Holy Rosary Routing and Transit Number which is 301080936. Plus, you will need your core/basic account number along with the number of the account/share type where you want the funds deposited. Your Primary Share/Saving account ends in - S1. Your Checking/Draft Account generally ends in either -S70 or -S71. However, check your account to be sure of the extension you want. You can also contact us in online banking or by phone if you have questions. It is important that you have the correct number.
Will there be changes to unemployment benefits?
For those filing for or currently receiving unemployment benefits there are a number of changes. Highlights include up to $600 per week of additional unemployment benefits. Plus, these benefits are now being provided during the first week of unemployment, as opposed to the typical one week delay. Benefits are also temporarily being extended by a full quarter (13 weeks).
For more information, contact your state unemployment office directly or visit the Department of Labor website. You can file an unemployment claim in Missouri here.
If you are a Holy Rosary Credit Union member who is facing financial hardship due to the impact of the COVID-19 pandemic, please call us at 816.221.2734 ext. 116 and we'd be happy to take a look at how we can help.
What if I'm unable to pay my student loans?
The act defers all payments due on certain qualifying federal student loans for 6 months, until September 30, 2020. This would include non-defaulted Direct Loans and Federal Family Education Loans (FFEL). Interest on these loans is to be reset to 0% for this time period. Learn more about who is eligible, how payments will be affected and how to suspend future payments here.
We understand that you may have further questions concerning all of this and how it might affect you and your family. We are here to help. Call us at 816.221.2734.