CARES Act: Coronavirus Aid, Relief and Economic Security Act
The Coronavirus Aid, Relief, and Economic Security Act is a $2 trillion relief package that includes Economic Impact Payments (stimulus checks) for individuals and families, small business loans, increased unemployment benefits and a variety of tax breaks.
Assistance for Individuals and Families (Stimulus Check Payments)
The CARES Act provides Economic Impact Payments (stimulus checks) to American households for relief in the wake of the coronavirus pandemic. Recipients will receive these payments as a direct deposit or by paper check depending upon your 2018 or 2019 federal income tax returns.
It is important to note that these stimulus payments are issued directly by the IRS.
The Treasury Department will be launching a web-based portal (mid-April) for individuals to provide their banking information to the IRS so that payments can be made immediately as opposed to receiving a check by mail. This web-based portal will also allow individuals to check the status of their stimulus payment. Please be sure to visit irs.gov/coronavirus
for ongoing updates.
- ABA’s Economic Impact Payment (CARES ACT) FAQs: PDF | Online
Assistance for Small Businesses
The CARES Act establishes several protections including a SBA loan program for businesses, called the Paycheck Protection Program (PPP).
The PPP is a loan designed to provide support for small businesses to keep their employees on payroll. The best source of information about this program is at the SBA’s website under the Small Business Guidance & Loan Resources
, where you can learn details about eligibility, terms, and loan forgiveness. Bangor Savings Bank will be offering SBA Paycheck Protection Program (PPP) loans as of Friday April 3, 2020
for small businesses and sole proprietorships and April 10, 2020
for independent contractors and self-employed individuals. Visit our Paycheck Protection Program
page for more details.