COVID-19 Relief Information
Illinois driver’s license renewal deadline extended
June 29, 2021
If you’ve been delaying getting your Illinois driver’s license renewed, good news! The deadline for renewal has been extended for an additional five months, changing from August 1, 2021 to January 1, 2022.
“Extending expiration dates until January 1, 2022, means people with an expired driver’s license or ID card do not need to rush into a Driver Services facility immediately,” Jesse White, Illinois Secretary of State, said in a press release. “During hot weather, I would suggest residents consider delaying visits to Driver Services facilities. But if you must visit a facility, please come prepared to wait outside due to continued social distancing efforts, which limits the number of people inside a facility at one time. We are allowing more people in the facilities at one time due to relaxed protocols.”
White also encourages residents to use his office’s website, www.cyberdriveillinois.com, whenever possible instead of visiting crowded DMVs. Transactions that can be done online include renewing driver’s licenses and ID cards (including Real IDs for eligible residents), buying license plate stickers, and obtaining a duplicate driver’s license or ID card.
Application period ending for Restaurant Revitalization Fund
May 21, 2021
The Small Business Administration has announced that the deadline to apply for its Restaurant Revitalization Fund is May 24 at 7 p.m. Central Time. To learn more information and apply, visit sba.gov/restaurants.
What do I need to know about the Child Tax Credit Expansion?
May 20, 2021
If you have any children ages 17 and under, some extra cash may be coming your way this summer! IRS and Treasury Department announced this week that the first payments from the American Rescue Plan’s expanded Child Tax Credit will be issued July 15. What does that mean for your family? We’ve got the details.
How are these new credits different than the previous Child Tax Credit Payments?
Previously, the maximum total amount per child that families could receive for the year was $2,000. Now, under the newly expanded tax credit, qualifying families will receive up to $3,000 total per child ages six to 17 and a total of $3,600 per child under the age of six.
Also, instead of being paid on an annual basis, the credits will be distributed monthly. Eligible families will see payments of up to $250 per month for each child ages six to 17 and up to $300 per month for each child under six years old.
These payments cover 88% of children in the United States, or approximately 39 million households. A press release from the IRS states that “the American Rescue Plan is projected to lift more than five million children out of poverty this year, cutting child poverty by more than half.”
Who qualifies for the payments?
Credit recipients must have one or more children who turn age 17 or younger in 2021. The amount is fully refundable, which means taxpayers can qualify even if they don’t have earned income or don’t owe any income taxes.
Amounts are reduced (or phased out) for families with incomes over $150,000 for married taxpayers filing a joint return and qualifying widows and widowers; $112,500 for heads of household; and $75,000 for all other taxpayers.
What is the payment schedule?
Payments will arrive on the 15th of each month. If the 15th lands on a weekend or a holiday, payments may arrive later. The IRS will send payments via direct deposit, paper checks, and debit cards.
Do I need to do anything to claim the credit?
As long as you’ve already filed your 2020 tax return, you’re all set! No further action needs to be taken.
What if I don’t see the money in my account right away on the 15th?
Typically, Scott Credit Union will process direct deposits on the effective date for which they are submitted. If you expect to get a payment and don’t see it in your account on the 15th or by the next business day, the IRS may have mailed your payment instead as a check or debit card.
Once the IRS has begun issuing expanded credits, here are several easy ways to see if the payment has been deposited to your account:
- SCUOnline
- 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
Learn more about the Advance Child Tax Credit Payments from the IRS website.
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.
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:
- SCUOnline
- 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!
