COVID-19 Relief Information
Paycheck Protection Program comes to an early end
May 5, 2021
According to the Small Business Administration, its Paycheck Protection Program has run out of money for most borrowers as of May 4th. Although the program is continuing to fund outstanding approved PPP applications, they are no longer accepting new applications.
Originally intended to end May 31, the program is ending four weeks ahead of schedule. Of the $292 billion allocated by Congress to fund the program, nearly all of that money has been exhausted.
Other SBA relief programs such as the recently implemented Restaurant Revitalization Fund and Shuttered Venues Operators Grant are still available. For more information about these programs, visit the SBA’s COVID-19 relief options page.
Restaurant Revitalization Fund
April 30, 2021
Small business owners: Has your restaurant, bar, etc. been impacted by COVID-19?
As of today, eligible businesses can register for the application portal of the SBA’s Restaurant Revitalization Fund. Applications will open on Monday, May 3 at 11 a.m. CST. Learn more about eligibility and how to apply.
Stimulus Payment Information
March 16, 2021
Over the next few weeks, the IRS will be rolling out payments via check and direct deposit. Here are a couple of important things to keep in mind, as stated by the IRS.
- Not everyone will receive their payment at the same time. The IRS is sending out payments in batches. While the first batch of payments has gone out via direct deposit, don’t worry if you haven’t seen it in your account yet. IRS has said that additional batches of payments via direct deposit will be sent in the coming weeks, as well as checks and debit cards.
- Some members may see funds as early as March 16 or 17. The IRS has named March 17th as the “official payment date.” Typically, Scott Credit Union will process payments on the date for which they are submitted. However, our team has been working hard to process these payments early to get this much-needed payment in our members’ hands as quickly as possible. If you are included in the IRS’s first batch of payments, you can expect to see your deposit either Tuesday, March 16 or Wednesday, March 17.
If you have questions about the stimulus payment, visit the IRS website to:
- See when and how your payment was sent with the Get My Payment tool
- Confirm your payment method
- Get answers to frequently asked questions about the checks
To see if a payment has been deposited in your account, here are several easy ways to view your balance and transactions:
- Mobile App
- MemberLink automated telephone banking – Dial 618-346-LINK (618-346-5465) or 1-800-MEM-LINK (1-800-636-5465)
- Scott Credit Union ATMs & ITMs
Please note that if you are calling our member contact center or visiting your local branch drive-up, you may experience longer-than-usual wait times due to members’ questions about this much-anticipated stimulus payment. Thank you for your patience, and thank you for being a member of Scott Credit Union!