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April 9, 2020
CARES Act: An Overview of Key Points for Individuals and Small Businesses
The Coronavirus Aid, Relief and Economic Security (CARES) Act is a package of measures passed by Congress in response to the COVID-19 pandemic. We want to give our members a quick overview of some important aspects of this legislation so you can understand how you’ll be impacted. The CARES Act provides financial relief for individuals and small businesses in a number of ways, whether directly or indirectly.
Highlights for Individuals
- Direct payments: If you file taxes, you could be receiving a direct payment. For individual filers with incomes up to $75,000, you’ll receive $1,200, while married couples filing jointly with incomes up to $150,000 will receive $2,400, plus an additional $500 per dependent child. Payments phase out in increments of $50 for each $1,000 you earn over the income threshold. The IRS tells you what you need to know about Economic Impact Payments. If you have delinquent obligations, the Treasury Offset Program may reduce the amount you receive.
- Unemployment: Unemployment insurance (UI) will provide an extra $600 per week in benefits for four months and extend benefits through December 31 for eligible workers. Plus, the changes expand eligibility to include the self-employed, independent contractors and gig economy workers.
- Use of retirement funds: The bill waives the 10% early withdrawal penalty for distributions up to $100,000 for coronavirus-related purposes, retroactive to January 1, for individuals under the age of 59 1/2. Withdrawals are still taxed, but the taxes can be spread out over three years.
- Coronavirus testing: All testing and possible vaccines for COVID-19 will be covered at no cost to patients.
Want more info on stimulus checks? Select the button below to get details from the IRS about Economic Impact Payments, track your stimulus check, enter direct deposit info and more.
Follow guidance from the IRS for the most up-to-date instructions and information, including details on eligibility and circumstances that warrant returning a stimulus payment. As the IRS releases more information related to stimulus payments, such as rules about payments made to deceased individuals, our policies may be updated accordingly. We appreciate your patience as we navigate the ins and outs of current governmental regulations and do our best to stay ahead of the curve.
Important Information for Small Businesses
- Small business relief: $350 billion is being dedicated to preventing business closures and layoffs, while many workers have to stay home during the outbreak. Some small businesses that maintain their payroll during the pandemic can receive up to eight weeks of cash-flow assistance. If employers maintain payroll, the portion of the loans used for interest on utilities, rent, mortgages and covered payroll costs will be forgiven.
- Paycheck Protection Program, Economic Injury Disaster Loans and Emergency Grants, and Small Business Debt Relief: These programs are designed to help businesses through this difficult time. Each program has dedicated resources explaining all the details. The Small Business Administration (SBA) offers coronavirus small business guidance and loan resources. The Small Business Owner’s Guide to the CARES Act is a resource created by the U.S. Senate that explains the measures available to small businesses.
- Payroll taxes: The bill allows employers to postpone the payment of their portion of 2020 payroll taxes until 2021 and 2022.
In addition to financial assistance for individuals and businesses, the CARES Act contains relief for hard-hit industries, including healthcare and agriculture, and additional funding for state and local governments.
This information is accurate as of the date posted.
How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
When it comes to making payments, we try to make it as painless as possible to pay your loan every month. We have several different ways to pay, including convenient online options.
You have two ways to pay online by transferring funds from another bank or credit union.
- Grow Online Banking (Preferred payment method for any loan)
This is the simplest way to pay your loan. You can make one-time payments or set up automatic recurring payments in Grow Online Banking. Once you log in, select “Transfer/Payments” from the menu. If you’re not enrolled in Grow Online Banking yet, you can set up your account in just a few minutes.
- Debit Card or ACH (Available for auto, personal and home equity loans and HELOCs)
Note: ACH and debit card payments are not available for credit cards or most mortgages, except HELOCs.
We accept ACH payments with no additional fees or Mastercard® and Visa® debit cards with a convenience fee of $4.95. To get started with an online ACH or debit card payment, select Pay Now below.
Pay by Mail
You can also pay any Grow loan by check through the mail. Please remember to include your account number and Grow loan number on the check. (For credit card payments, please do not write your 16-digit credit card number on the check, which can cause a delay in processing the payment.)
Address for auto, credit card and personal loan payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466
Address for mortgage and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733