A customer is receiving help from a Busey associate
 

CARES Act


Late March, the Coronavirus Aid, Relief and Economic Security (CARES) Act—a $2.2 trillion relief package—was signed into law, providing financial aid to individuals and businesses impacted by the economic repercussions of COVID-19.
 
In addition to providing loans and grants to businesses to deter layoffs, the CARES Act is a sweeping measure that offers one-time, tax free payments to individuals and additional health care funding while altering the rules for unemployment insurance, retirement accounts, student loan and mortgage assistance. 
 
Whether you're anticipating a government incentive to provide financial relief, are experiencing uncertainty around making loan or mortgage payments or are a business customer sorting through all the available support options—Busey is here to support you. 
 
 
Read below for details on significant changes
and impacts to Busey customers:

Individual Impacts:

Tax Rebate Checks:
  • One-time payment of $1,200 per individual; $2,400 for joint filers and $500 per child
 
  • Full rebate amount available for those incomes at or below $75,000 for individuals, $112,000 for head of household and $150,000 for married couples 
 
How Busey Can Help:
  • Direct deposit to your Busey Bank account (if established for direct deposit tax refunds or Social Security benefits)
 
 
  • ATM deposit
 
  • Drive-thru deposit
 
 
Retirement Account Assistance:
  • Federal government waving certain penalties for those who need to access retirement savings early
 
  • Required minimum distributions suspended for 2020
 
  • Roll-back options include 60 days to return a distribution without owing taxes
 
How Busey can help:
 
Mortgage Relief:
  • Mortgage lenders and servicers allowed to provide forbearance up to 180 days on federally backed loans for borrowers who request it and make affirmation of financial hardship due to COVID-19
 
  • Penalties, fees or extra interest halted during the forbearance period
How Busey Can Help
  • Busey Mortgage is working with borrowers on payment plans and temporary forbearance options
 
  • Busey's Mortgage Relief Hotline is available Monday - Friday from 9 a.m. to 5 p.m. CT by calling 888.483.6669
 
  • To request mortgage and personal loan assistance, please complete this online form
Unemployment Assistance:
  • Expanded eligibility for unemployment insurance for individuals not normally eligible who have been directly affected by COVID-19 including self-employed, independent contractors and nonprofit employees
 
  • Additional $600 weekly benefit to those collecting unemployment benefits through July 31, 2020
 
  • Additional 13 weeks of federally funded employment benefits for individuals who exhaust their state unemployment benefits
How Busey can help:
  • Contact your state unemployment office directly with questions
 
  • Contact information can be found on the U.S. Department of Labor website
 
  • If you are a Busey Bank customer facing financial hardship due to the COVID-19 pandemic, please call our Customer Care team, available Monday - Friday from 7:30 a.m. to 6 p.m. CT and on Saturday from 8 a.m. to 2 p.m. CT. Dial 800.6728739 and choose option 2
Federal Student Loan Relief:
  • Interest is waived and all payments for federally held student loans (specifically Direct Loans and FFEL Program Loans) deferred through September 30, 2020
How Busey Can Help:
  • Contact your federal student loan service provider to discuss options
 
  • Log in to nslds.ed.gov to find your federal student loan and loan servicer

For more information on these impact areas, see the list below:

Impact Areas:
Tax Relief
Mortgage Assistance
Retirement Accounts
Unemployment Insurance 
Student Loan Assistance
 
 
Tax Relief

Individual taxpayers may be entitled to a $1,200 recovery rebate payment. For those who have filed their 2019 tax returns, the IRS will use that information to calculate the payment amount. For those who have not yet filed, the IRS will use 2018 data.

  • Have a Busey Bank account on file with the IRS? You will likely receive your payments electronically within a month. Check IRS.gov for the latest information. No action is needed by most people at this time.
  • Not sure? Change your direct deposit information and update your mailing address on the IRS website for a quicker deposit. If you do not have an account with the IRS, you will likely receive a paper check. Deposit that check at our branches or by using your Busey app.
 
Mortgage Assistance

Mortgage forbearance provisions in the CARES Act require mortgage servicers of government-backed loans to grant up to 180 days of forbearance to borrowers who request it and make affirmation of financial hardship due to COVID-19.

At Busey, various options will be available to Busey mortgage customers including payment relief for up to 12 months and waiver of late fees. There will be no credit bureau impact with granted deferrals. In addition—to help keep people in their homes—Busey will halt foreclosure sales and evictions of borrowers until at least May 17, 2020. 

To request mortgage assistance, please complete this online form. A dedicated hotline is also available for additional assistance—please call 888.483.6669.Associates are available from 8 a.m. to 6 p.m. CT, Monday - Friday. 
 
Retirement Accounts
The federal government is waiving penalties for those who need to access retirement plans early. Required minimum distributions (RMDs) are suspended for 2020. Included in the CARES Act are provisions specific to retirement plans, including changes for required minimum distributions (RMDs), tax relief and early withdrawal penalty waivers, 401(k) loans and extended deadlines for employer contributions.

Additionally, since the Treasury extended the 2019 income tax return filing date from April 15 to July 15, the date for making 2019 IRA and Roth IRA contributions has been extended to the same date.

Detailed information on retirement plan and IRA provisions included in the CARES Act is available at Busey's Money Matters blog. To learn more about your options and how these updates impact you, please contact your Busey Wealth Management advisor.
 
Unemployment Insurance
The CARES Act expands eligibility for unemployment insurance to include self-employed, independent contractors and nonprofit employees while also providing additional relief to those already receiving unemployment benefits. Contact your state unemployment office directly with any questions.
 
Student Loan Assistance

All payments for federal student loans are deferred through September 30, 2020. Contact your student loan servicer to discuss eligibility and options.

Busey is again accepting PPP applications and we anticipate a continued high demand for these loans.
 
Paycheck Protection Program (PPP) Overview:
The Paycheck Protection Program (PPP) provides payroll assistance for the nation’s nearly 30 million small businesses, and select nonprofits, in the form of 100% guaranteed loans from the U.S. Small Business Administration (SBA).

In summary, eligible borrowers work with lenders to apply for, and receive, loans up to 2.5 times their average monthly payroll expenses for the prior year. Loans, which can be issued through June 30, 2020 or until funds run out, will carry a one percent interest rate with a two-year term. Loan payments are deferred for the first six months of the loan.


Additionally, PPP loans contain a forgiveness process, allowing up to eight weeks of covered expenses, including both principal and interest, to be forgiven for the borrower with no tax consequence (i.e., forgiveness of indebtedness income is waived). Any remaining balance after the loan forgiveness period maintains a 100% government guarantee while the borrower makes payments.

Borrowers are broadly eligible if they have 500 or fewer employees or are certain businesses that meet SBA size standards. Additionally, 501(c)(3) nonprofits, 501(c)(19) veterans organizations, and certain others may qualify for PPP loans. Borrowers may also be sole proprietors, independent contractors, or self-employed.

Borrowers must have been in operation on February 15, 2020 and employed either salaried employees subject to payroll taxes or paid independent contractors. For more information, contact your Busey relationship manager. 

Paycheck Protection Program (PPP) Flexibility Act of 2020

On June 5, 2020, President Trump signed legislation approving the Paycheck Protection Program Flexibility Act of 2020—which alters critical terms of the loan program.

To ensure you are in the best position for maximum loan forgiveness, we strongly encourage you to familiarize yourself with all currently available guidance relative to the forgiveness application and gather the required documentation prior to the date you plan to submit your application. Under program rules, it is the borrower’s responsibility to understand and comply with all loan forgiveness provisions. By submitting the application, you are certifying an understanding of these rules. Guidance and application documents can be found on the SBA’s PPP Webpage

Busey is closely monitoring the release of any new information pertaining to PPP loan forgiveness to best prepare you for this crucial phase. We are committed to remaining your valued partner as we navigate this process together.
 

Paycheck Protection Program (PPP) Customer Portal

This online portal is designed to streamline the PPP loan forgiveness process, providing an intuitive and easy-to-use tool borrowers can use to apply for forgiveness. To help you navigate the application process, we’ve developed a PPP Customer Portal Instructional Video.
 
This video provides borrowers with a step-by-step guide through the loan forgiveness application process using Busey’s Customer Portal—from the initial steps of establishing credentials and logging into the portal all the way through submitting the final application—to make the process as seamless as possible.

By submitting an application to Busey for a loan under the PPP, the applicant(s): (a) understand that Busey anticipates a high volume of applications and there may be processing delays and system failures that interfere with submission of an application to the SBA, that Busey does not represent or guarantee that it will submit an application before funds are no longer available under the PPP or at all, and that Busey will not be responsible if applicant(s) do not receive a loan because funds are no longer available under the PPP, because funds were not disbursed within ten (10) days of SBA approval, or for any other reason, (b) certify that all information contained in such application or otherwise delivered from time to time in connection with such application is true in all material respects, (c) understand that Busey will rely on such information in deciding whether or not to grant or continue credit to the applicant(s) and in the administration of any loan to applicant(s) under the PPP, (d) understand that an application will only be considered a complete application upon the submission of all supporting documentation required by the application and that the applicant(s) may be asked for additional information based upon SBA rules from time to time in effect and/or required by Busey, (e) understand that Busey’s acceptance of an application does not constitute a promise or commitment to lend to applicant(s), (f) understand that Busey can only make a loan if funds remain available under the PPP and Busey does not control how quickly the SBA will respond to any application or in what order, and (g) understand such application and any potential loan to applicant(s) is subject to the requirements of the PPP, which may change at any time, without notice.
Questions regarding the CARES Act & Paycheck Protection Program? See our Frequently Asked Questions Packet.  

As we continue to navigate the ever-changing COVID-19 landscape together, Busey is working to keep you informed by communicating market updates and important impacts to your finances. To learn about the latest developments and how they may affect you, we invite you to participate in our new series of complimentary webinars.

On Tuesday, July 14 Busey Wealth Management hosted a complimentary webinar: Planning Strategies for Women. A recorded version of the webinar is now available
 
Busey Wealth Management advisors and experts, Megan Marquardt and Emily Lietz(Opens in a new Window), shared unique financial challenges women are facing in today’s economic environment while also providing advice on planning for and navigating possible financial uncertainties ahead. 
To access previously held Wealth Management webinars, visit the Complimentary Webinars page.
 

The information provided in this Webinar is for general informational purposes only.  It is not intended to be specific advice.  Please contact your Busey Wealth Management advisor to discuss solutions tailored to your unique situation.

In addition to the financial aid put forth through the CARES Act, Busey has introduced its own Financial Relief Program to help alleviate some of the hardships customers and businesses may face as a result of the current pandemic. 
 
For details about the Busey program— including additional information on how to receive the available benefits and answers to questions you might have— visit our Financial Relief Program page.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Busey is grateful to partner with you and your families—through life’s ups and downs—today and for generations to come.