Democrats need to quickly get out a communication piece that clearly shows the original GOP bill and the changes made by Democrats. Two columns that can show side by side where the provisions came from. And also provide steps people need to take to obtain their benefits. They need to blast that out to everyone on their email and Twitter lists along with press releases to media. They need to do that now before Trump and the GOP manage to take credit for the good parts of the law.
I received a communication from my bank today — see below. Many people will not be aware of their benefits nor know what steps they may need to take. Democrats need to be the party associated with the payments, not Trump and the GOP, even if he does manage to get his signature on the checks.
Government Stimulus Guide
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Benefits for individuals
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What you can do and how we can help
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Direct payment to tax payers
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Tax credits in the form of checks or direct deposit in the amount of:
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$1,200 per adult and $500 per child to individual filers earning less than $75,000 annually
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$1,200 per adult and $500 per child to joint filers earning less than $150,000 annually
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Lesser amounts will be provided to those individual filers earning more than $75,000 and less than $99,000, and those joint filers earning more than $150,000 and less than $198,000
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No action is needed for qualified individuals to receive this benefit.
If you have a xxx bank account on file with the IRS (for direct deposit of tax refunds or Social Security benefits), you will likely receive your payment electronically within a month. Xxx online and mobile users with deposit alerts activated will be immediately notified of the deposit.
If you do not have an account with the IRS, you will most likely receive a paper check. You can deposit that check at our branches and ATMs or in the convenience of your own home using the xxx mobile app. 1, 2
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Mortgage lenders and servicers will be allowed to provide up to 180 days of forbearance (payment deferral) on federally-backed loans for customers experiencing hardship related to the COVID-19 emergency.
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If you are experiencing hardship associated with the coronavirus and need help with your mortgage payments, we can help.
If you already applied for forbearance on your mortgage, no further action is needed at this time. Xxx will contact you to discuss your options before your initial 90-day forbearance expires.
If you have not already applied for forbearance, you can contact us at xxx to learn more about the available programs.
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All payments for federal student loans (Direct and FFELP) are deferred through September 30, 2020.
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Contact your student loan servicer to discuss eligibility and options.
Contact information for the top three servicers are listed below:
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Expanded unemployment benefits:
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Eligibility expanded to include self-employed, independent contractors / gig economy workers, nonprofit employees and others
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Amount increased by $600 weekly
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Duration extended an additional 13 weeks beyond the existing 26-week maximum
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Contact your state unemployment office directly. Contact information can be found on the U.S. Department of Labor website (select your state, and then the second link "Apply for Unemployment Benefits")
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Retirement savings access assistance
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The federal government is waving penalties and making other accommodations for those who need to access retirement savings early.
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To learn more about your options and how we might help, please schedule an appointment to speak to your xxx team.
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Benefits for businesses
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What you can do and how we can help
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Enhancements to the SBA program
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Expanded SBA benefits to enable more companies to qualify for larger loan amounts at more favorable terms:
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Paycheck Protection Program established to provide loans to small businesses affected by economic conditions as a result of COVID-19 by increasing the SBA 7(a) loan program maximum to $10 million through December 31, 2020.
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SBA Express program maximum increased to $1 million (from $350,000) through December 31, 2020.
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Contact your relationship manager or your local financial center to discuss how we can help you take advantage of this program.
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Multiple provisions to provide tax relief to businesses.
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Contact your tax advisor to learn more.
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The CARES Act offers significant help to those in need right now. Remember, xxx is here to help you during the COVID-19 pandemic.
Visit our xxx anytime, anywhere, for the most up-to-date information on how we're helping our customers and employees.
We're here to support your banking needs—just as we have been since xxxx.
As always, thank you for choosing xxx.
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Sorry for all the blank space, but I’m not that good with how to manage the information.
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