April 2020 – Roundbank

Who is eligible for the Economic Impact Payment?

US Citizens or resident aliens who:

Have a valid Social Security Number
Could not be claimed as a dependent of another taxpayer
Had adjusted gross income under the following limits:
- Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. This reduction applies to the economic impact payment for a qualifying child. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.

Most eligible U.S. taxpayers will automatically receive their Economic Impact Payments including:

Individuals who filed a federal income tax for 2018 or 2019
Individuals who receive Social Security retirement, disability (SSDI), or survivor benefits
Individuals who receive Railroad Retirement benefits

The IRS does not have my direct deposit information. What can I do?

Complete this free online form* so that the IRS can identify you and your dependents, and receive valid direct deposit and address information about you. This information allows the IRS to calculate your eligibility and send you the Economic Impact Payment.

Full name, current mailing address and an email address
Date of birth and valid Social Security number
Bank account number, type and routing number, if you have one
Identity Protection Personal Identification Number (IP PIN) you received from the IRS earlier this year, if you have one
Driver’s license or state-issued ID, if you have one
For each qualifying child: name, Social Security number or Adoption Taxpayer Identification Number and their relationship to you or your spouse

*clicking the above will take you from the IRS site to Free File Fillable Forms, a certified IRS partner. This site is safe and secure.

Source: IRS.gov

To Our Valued Clients,

On Friday March 27^th, 2020 President Trump signed the CARES Act of which part provides $350B of funding through the SBA 7 (a) loan program (Paycheck Protection Plan) . Please Click Here to reference the approved bill.

You are not alone!! As an experienced and Certified SBA Lender, we will help you through this process! Because this is an SBA loan, we as your lender will lead the process by reviewing and approving your loan prior to submitting to the SBA for their final approval. This is a work in progress and as we receive updates from the SBA, we will share them with you. In the spirit of efficiency, Roundbank has established a special email and dedicated staff members to coordinate these SBA loans.

Given that funds are limited and expected to go fast, we can’t guaranty that all businesses that apply will receive funding. However, in an effort to expedite the application process and to the extent that this is something you are interested in, please complete the following form and submit to us at [email protected]. Please be accurate and as detailed as possible so as not to delay the processing of your application. Please note that the SBA has not yet provided final application guideline. To learn more about the Paycheck Protection Loan, CLICK HERE.

STEP 1

Complete the SBA Paycheck Protection Program Application and email to [email protected]

STEP 2

Request Paycheck Protection documentation package at [email protected]

Roundbank has established a process to handle relief loans including the SBA 7 (a) Paycheck Protection Plan, and other potential programs and options. Once we receive your application, your current Roundbank Lender will contact you directly.

Economic Impact Payments

CARES Act – SBA Loan Assistance

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