COVID-19 Relief Act

COVID-19 Relief Act: COVID Response and Relief Appropriations Act

The COVID Response and Relief Supplemental Appropriations Act approved by Congress on December 21, 2020 is a $900 billion relief package which will provide a second round of economic stimulus for individuals, families, and businesses. The package provides relief through multiple measures and expands many of the provisions already put into place under the CARES Act.
 

Assistance for Individuals and Families (Stimulus Check Payments)

The recently approved Act provides one-time direct, economic stimulus payments. The maximum amount for this second round of stimulus checks is $600 for any eligible individual or $1,200 per eligible couple who file taxes jointly. For a family of four, that would include $600 for each eligible dependent, or $2,400 in total. Individuals who reported adjusted gross income (AGI) of $75,000 or less on their 2019 tax returns will receive the full $600 ($150,000 or less AGI for couples filing jointly; $112,500 or less for heads of household). For people who earned more than those amounts, the size of the check will gradually decrease by $5 for every $100 earned over that threshold.

Recipients will receive these payments as a direct deposit or by paper check depending upon your 2019 federal income tax returns.

It is important to note that these stimulus payments are issued directly by the IRS. Bangor Savings Bank is not able to provide any updates on your stimulus payment.

The Treasury Department has a web-based portal that allows individuals to check the status of their stimulus payment. Please visit irs.gov/coronavirus for ongoing updates.

 

Assistance for Businesses

A new COVID Relief Act also includes a new round of funding for the SBA Paycheck Protection Program (PPP). The SBA has not yet issued rules or updated guidance around the most recent round of funding, so we are unable to accept applications at this time. Once we receive final guidance from the SBA, all applications will be completed online to help provide an efficient and safe way to apply for funding. Please continue to check our Assistance for Businesses page for updates and additional resources.