New COVID Relief Package
Economic Impact Payments:
With the second round of Economic Impact Payments beginning to be dispersed, our Call Center is experiencing higher than normal call volume. To check on the status of your Economic Impact Payment, visit the Internal Revenue Service website at: https://www.irs.gov/coronavirus/get-my-payment.
You can also log in to Online or Mobile banking to see if your payment has posted to your account.
The bulk of the payments have already been sent to financial institutions in one ACH file with an effective date of Monday, January 4, 2021. For individuals that do not receive a payment via ACH, a Treasury check will be mailed to them. The IRS advises people that if they don't receive their Economic Impact Payment, they should file their 2020 tax return electronically and claim the Recovery Rebate Credit on their tax return to get their payment and any refund as quickly as possible. The Treasury started printing checks today and will process approximately 7 million checks weekly until all have been mailed (estimating a four-week cycle).
We understand the importance of these funds for many of you during this stressful time. Please see below for ways you can get more information on your Economic Impact Payment and the resources available to you.
- Visit irs.gov to view their Frequently Asked Questions about Economic Stimulus Payments: https://www.irs.gov/newsroom/irs-statement-about-second-economic-impact-payments
- Check the status of your Economic Impact Payment on the IRS website at: https://www.irs.gov/coronavirus/get-my-payment?fbclid=IwAR0rQmth1abPr6StRk_-K9HzWmSNQTZS1awIWJ40SaXLhXBgeKjeIZI1AOk
- Our Online Banking, Mobile Banking, and Telephone Banking are all quick and easy ways to check for incoming deposits or your account balance.
- Beware of scams- The IRS will not call, email, or text you for personal or bank account information. We urge you to be on the lookout for these fraudsters. If you have any questions or concerns, please do not hesitate to contact your local banking center!
We thank you for choosing Colony Bank to be your bank!
Paycheck Protection Program (PPP):
For small businesses, the new COVID-19 Relief Package reportedly provides the following provisions:
- Borrowers who received PPP funds in the first round may qualify for a second loan under certain conditions.
- For PPP Loan Forgiveness, additional expenses are now being considered as a forgivable use. This includes: certain operation expenses, property damage costs, supplier costs, and worker protection expenses. However, please note that 60% of the costs must still be related to payroll.
- For PPP loans under $150,000, borrowers will receive a simplified, one page forgiveness application.
Additional payment relief to come as more specific guidance is provided from the SBA.
Please know that we are monitoring this information closely and will keep you informed as new details are released. Colony Bank is #RightHereWithYou as we continue to navigate this unprecedented time.