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From monthly archives: April 2020

We are pleased to present below all posts archived in 'April 2020'. If you still can't find what you are looking for, try using the search box.

What are some of the Best Ways to Spend the Stimulus Money?

If you’re like millions of Americans, you have or are going to soon receive an economic stimulus check or direct deposit payment into your bank account. For the estimated 17 million of Americans filing for unemployment due to the pandemicˡ, this $1,200 payment per adult and $500 per child could mean the difference between paying for groceries, rent, and household items this month or not. If you are still employed and your job has not been impacted due to COVID-19, then the stimulus money could help you help the local economy with thoughtful spending or giving or could help move you closer to reaching your savings goals. Read Spend or Save: Has COVID-19 Impacted Your Savings Strategy? First and foremost, let’s help you determine the best manner to deposit a hard-copy check amidst the social distancing guidelines. Rest assured, First Bank is considered an essential service provider and is open; however, we’re taking all of the precautions necessary to help keep you safe. That said, i ...

CARES Act Provides Relief to Individuals and Businesses

On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This $2 trillion emergency relief package is intended to assist individuals and businesses during the ongoing coronavirus pandemic and accompanying economic crisis. Major relief provisions are summarized here. Unemployment provisions The legislation provides for: An additional $600 weekly benefit to those collecting unemployment benefits, through July 31, 2020 An additional 13 weeks of federally funded unemployment benefits, through the end of 2020, for individuals who exhaust their state unemployment benefits Targeted federal reimbursement of state unemployment compensation designed to eliminate state one-week delays in providing benefits Unemployment benefits through 2020 for many who would not otherwise qualify, including independent contractors and part-time workers Recovery rebates Most individuals will receive a direct payment from the federal government. Technically a ...

Spend or Save: Has COVID-19 Impacted Your Savings Strategy?

As the impact of the Coronavirus, or COVID-19, continues to impact families, businesses, and the economy as a whole, many consumers are now faced with the decision of how to best spend their money, including their tax refund or stimulus check. With many individuals finding themselves suddenly in an uncertain economic situation with reduced hours or the potential for loss of one or both incomes, it’s a good time to consider budgets, finances, and how best to plan ahead. According to the Internal Revenue Service, approximately 72% of taxpayers received a refund in 2018 and 2019. Last year, consumers planned to save approximately 41% of their 2018 tax refunds. By comparison, projected savings of tax refunds for 2019 are up to 50%. This could be due to the recent uncertainty of COVID-19 and the economy. “During these perilous times, consumers have suddenly found themselves in a position where they may have to rely on their savings to ensure that their everyday living expenses are met. This c ...

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