All about the Stimulus Package-  Stimulus Checks, Loans, and more

All about the Stimulus Package- Stimulus Checks, Loans, and more

April 24, 2020


Stimulus Checks


If you're expecting a stimulus check, the IRS last week began transferring coronavirus payments into the bank accounts of millions of US residents who had previously set up direct deposit with the federal government. US Treasury Secretary Steven Mnuchin said the IRS has began issuing the first paper checks, too, with CNET readers telling us they've been notified that their paper checks up to $1,200 each will be mailed today, April 24.

The IRS plans to mail up to 5 million checks a week for those who have not set up direct deposit, and has created a schedule for mailing the payments (more below). You still have time, however, to receive your payment straight to your bank account if you meet the requirements for an impact check but haven't set up direct deposit with the IRS, Mnuchin said.

Wondering about your status? Click here to check to see where your check is.

 

Loans

Start or expand your business with loans guaranteed by the Small Business Administration. Use Lender Match to find lenders that offer loans for your business. Find a lender.

Requirements: 
Lenders and loan programs have unique eligibility requirements. In general, eligibility is based on what a business does to receive its income, the character of its ownership, and where the business operates. Normally, businesses must meet size standards, be able to repay, and have a sound business purpose. Even those with bad credit may qualify for startup funding. The lender will provide you with a full list of eligibility requirements for your loan. 


Other help

U.S. Bank

U.S. Bank is offering small personal loans and small-business loans to those who have suffered financially because of the coronavirus outbreak.

The company says it’s offering deferred payments to those with auto, boat and RV loans. Mortgage customers may get their payments suspended for up to 180 days.

PERSONAL LOANS

Simple loan

  • Fee: $6 for every $100 borrowed.
  • Loan amount: $100 – $1,000.
  • Term: 3 months.

Personal loan

  • APR: 2.99%
  • Loan amount: $1,000 to $4,999.
  • Term: Up to 48 months.

SMALL-BUSINESS LOANS

Quick loan

  • Interest rate: 2% lower than the rate a business would normally qualify for.
  • Loan amount: $5,000 to $250,000.
  • Terms: 12 to 84 months.

Cash Flow Manager (secured and unsecured line of credit):

  • Interest rate: 1% lower than the rate a business would normally qualify for.
  • Line of credit amount: $10,000 to $250,000.

You can check for other updates on the U.S. Bank COVID-19 response page.

General contact: 888-287-7817

 



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