The CARES Act, the Federal stimulus bill passed in response to the COVID-19 crisis, provides several programs to benefit individuals, businesses and nonprofit agencies. Below are a few highlights of the legislation and links to more information.
Most American adults will receive stimulus funds, also called Economic Impact Payments, from the Federal government as part of the CARES Act. On April 11, the Federal government began depositing payments to individual bank accounts of those people who had direct deposit information on file with the IRS (based on previous tax returns, Social Security payments, etc.) Payments are going out in waves, and the Department of Treasury says these stimulus payments, also called Economic Impact Payments, will continue to be made over the course of two weeks. While the government is depositing payments into some Old National client accounts, we do not control or have information on who receives payments or when.
If you have questions about stimulus payments, such as who is eligible or timing, you can find more information on these IRS websites:https://www.irs.gov/coronavirus/economic-impact-payments
On the IRS site, you can also provide your bank account information to the IRS to set up direct deposit. If you are providing information for your Old National account, you will need the Old National routing number which is 086300012. View our FAQ "Where can I find my Old National account number? if you need help finding your checking account number.
ALERT: Be mindful of scammers when it comes to your stimulus funds. Do not fall for phone calls, texts, emails or websites that ask for personal or financial information in order to receive the Federal payment. We have also received reports about individuals (including minors) receiving fake checks. Once the fake check is deposited, the scammer tells the check recipient that there was an overage and a portion should be returned. Read our blog post: Be alert to these coronavirus scams.
Qualifying individuals will receive an additional $600/week on top of their existing unemployment benefits for four months (through July 31, 2020). This program will be administered by existing State unemployment services.
The 2019 tax return filing deadline has been extended to July 15, 2020.
No payments will be required on federal student loans owned by the U.S. Department of Education between March 13, 2020 and September 30, 2020. Also, the interest on these federal student loans will automatically drop to zero percent between March 13, 2020 and September 30, 2020. You can visit the Department of Education website for more information. Private student loans, and federal student loans not owned by the Education Department, are not covered by the CARES Act.
See other highlights of all the CARES Act programs.