December 30, 2020
As with the economic impact payments (EIPs) issued under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Internal Revenue Service (IRS) will work to deliver these additional EIPs quickly in the form of advance payments. The IRS will endeavor to make automatic payments in late 2020/early 2021 to eligible individuals who (a) filed a federal income tax return for 2019, (b) registered for the first round of payments through the IRS’s non-filer portal, or (c) receive Social Security, Supplemental Security Income (SSI), Railroad Retirement Board (RRB), or Veterans Affairs (VA) benefits. These payments will be based on payment or address information already on file with the IRS, Social Security Administration, RRB, or VA.
Electronic distributions will automatically be made to an account the payee authorized on January 1, 2019 or later. Individuals who do not receive an advance payment automatically will be able to claim a credit for their EIP amount on their 2020 federal income tax return.
December 23, 2020
As you may be aware, the Consolidated Appropriations Act of 2021 was passed in congress and awaits the approval of the President on or before December 28, 2020. If enacted into law, this bill includes relief programs impacting SBA funding, additional Payroll Protection Program (PPP) resources, and stimulus checks for households meeting income requirements. We are monitoring the status closely and will update you with information as it becomes available to us. For now, please refer to this helpful summary provided by the American Bankers Association.
MidCountry remains committed to support our customers and the communities we do business in, in whatever ways we are able.
April 2, 2020
The Treasury Department and the Internal Revenue Service announced the distribution of economic impact payments to help Americans combat the financial effects of the COVID-19 pandemic.
The stimulus package will result in approximately 150 million EIP being made, with disbursements commencing mid-April. The U.S. Treasury has made it a priority to transmit as many of these payments by ACH as possible, relying on checks when ACH information is unavailable. Anticipated timing for EIP is as follows:
- ACH Round One: Week of April 13th
- ACH Round Two: Week of April 22nd
- ACH Round Three: Week of April 29th
- Potential for additional ACH rounds of stimulus payments: Over time
- U.S. Treasury Check Payments Round One: Week of April 20th (subject to change).
For additional information related to the EIP program, eligibility requirements and checking the status of payments, click here.
MidCountry Bank recognizes that our communities are stressed by the impact of Coronavirus, and we are here to help. For a limited time, MidCountry is offering payment deferrals at no charge to eligible loan customers to ease the burden.
Skip-A-Pay Eligibility Requirements
- Available exclusively for fixed-rate Installment loans.
- Payment deferral start date must be not less than 5 business days from date submitted.
- Up to three consecutive payments may be deferred during a twelve month period.
- Loan payments must be current at time of request.
Home Equity Loans and Lines of Credit
If you have a loan secured by real-estate, loan relief may be available for you as well. Please ask your banker for details.
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