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CARES Act Federal Relief Funds Overview

 

Exchange Bank is working to provide reliable information and resources to help the community during the Coronavirus pandemic. Below you will find information about the direct assistance funds being provided through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

Visit the IRS Economic Impact Payments Information Center to answer your specific questions about eligibility, payment amounts, what to expect, when to expect it and more.

Am I Eligible & How Much Will I Receive?

  • Individuals with a Social Security Number (SSN) and who are not dependents may receive $1,200 (single filers and heads of household) or $2,400 (joint filers), with an additional rebate of $500 per qualifying child, if they have adjusted gross income (AGI) under $75,000 (single), $150,000 (joint), or $112,500 (heads of household) using 2019 tax return information. (The IRS will use 2018 tax return information if the taxpayer has not yet filed for 2019.) The rebate phases out at $50 for every $1,000 of income earned above those thresholds.

How Will the Money Arrive?

  • If you’ve electronically filed your taxes in the past or the IRS has issued your refunds using direct deposit, your payment will be directly deposited into your account on file with them.
  • If you have not filed taxes for either 2018 or 2019, you are slated to receive a paper check in the mail at the address listed on your last tax filing.
  • If you are not typically required to file a tax return, visit the IRS Economic Impact Payments page to input your payment information directly to the IRS to have your relief payment deposited to your preferred account.
  • To complete the request for an electronic check, you will need your bank’s routing number and your account number.
  • Once you are set to receive your deposit electronically or a check in the mail, there are no additional steps to take.
  • If someone contacts you offering to “help” you get the money faster, do not reply. It’s a scam. Information about how to avoid these and other related scams is available in the Security & Fraud Awareness section of our Coronavirus Information page.

Depositing the Funds.

  • If you receive a paper check, the safest and quickest way to deposit it is using your bank’s mobile app or at one of your bank’s ATMs.
  • The check payee (the name listed next to “Pay to the order of” line on your deposit check) must endorse the back of the check for it to be processed.
  • If there are two payees on your check, both people need to endorse the back of the check for it to be processed.
  • If you are an Exchange Bank customer, instructions on how to download our mobile app can be found here.
  • For current Exchange Bank branch and drive-up banking hours and service availability, please visit the Branch and Banking Updates section of our Coronavirus Information page.

For general information related to Exchange Bank’s response to the coronavirus outbreak visit our Coronavirus Information page. It provides answers to your questions about Exchange Bank’s financial assistance programs, how to bank from home, accessing community services, and more.

Please stay safe and healthy.

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