March 12, 2021
On Thursday, March 11, 2021, President Joe Biden signed into law the $1.9 trillion COVID-19 relief package, the American Rescue Plan Act. The bill sends millions of Americans direct stimulus payments and other immediate assistance to businesses and state and local governments to help those impacted by the pandemic.
Peoples State Bank provides information as we know it as of March 12, 2021, for individuals and businesses.
$1,400 per eligible person paid directly via direct deposit or check, similar to stimulus payments made in 2020 and early 2021. The Treasury Department and IRS will begin initial direct deposit payments the weekend of March 13 that will continue for several weeks.
Under the new law, individuals with an adjusted gross income of $80,000 or less ($160,000 for joint filers) are eligible for a one-time payment of up to $1,400, plus an additional $1,400 for each dependent child. The payments start to phase out for individuals earning more than $75,000 and will cut off completely for anyone who makes more than $80,000.
For couples filing jointly, the phaseout starts for those making $150,000 and cuts off at $160,000. For those filing as head of household, the phaseout begins at $112,500 and cuts off at $120,000.
Most Americans will receive the payments via direct deposit. Those who don't receive direct deposit will receive a debit card or a paper check, which will take longer to distribute. With the distribution of federal stimulus payments underway, we are expecting a high volume of traffic on our digital banking platform. We recommend establishing a deposit transaction alert if you would like to be notified via text or email when your deposit arrives. Click here for information on how to set up a transaction alert.
The Internal Revenue Service will use tax returns on file to calculate how much money people will get. If recipients have already filed a return for 2020, their check will be based on their income from last year. If not, their 2019 returns will probably be used to determine how much they'll get.
You can find more information on the Economic Impact Payments at the IRS EIP Information Center. You can also check the status of your payment at IRS.gov/GetMyPayment.
Paycheck Protection Program (PPP)
The bill includes $7.25 billion in new money for the small-business loan program known as PPP. It will allow more nonprofits to apply, including groups that engage in advocacy and some limited lobbying. It also allows larger nonprofits to be eligible.
Please click here for more information on the PPP loan process.
We're Here For You
Our entire team at Peoples State Bank is here for you. Reach out to any of us for personal attention and answers to your questions. We continue to serve you through our lobbies, drive-ups, phone, text, email, and individual appointments. Just give us a call at 888.929.9902 or book an appointment online at bankpeoples.com.
Thank you for the privilege to serve you.