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CARES Act Stimulus Payment Info

With the passing of the government’s Coronavirus, Aid, Relief and Economic Security (CARES) Act, the $2 trillion distribution to assist people and businesses impacted by the COVID-19 pandemic has started. This is our Nation’s largest relief package of its kind in U.S. history. The CARES Act offers a range of benefits; however, on this post, Bath State Bank is focusing on direct payments, and what this means for taxpayers and customers of Bath State Bank.

DIRECT PAYMENT TO TAXPAYERS
According to the government - Tax credits in the form of checks or direct deposit in the amount of:
• $1,200 per adult and $500 per child to individuals earning less than $75,000 annually
• $1,200 per adult and $500 per child to joint filers earning less than $150,000 annually
• Lesser amounts will be provided to those individual filers earning more than $75,000 and less than $99,000, and those joint filers earning more than $150,000 and less than $198,000

WHAT BATH STATE BANK CUSTOMERS CAN DO AND HOW BATH STATE BANK CAN HELP?
No action is needed for qualified individuals to receive this benefit. If you have a Bath State Bank account "on file with the IRS" (for direct deposit of tax refunds or Social Security benefits), you will likely receive your payment electronically within a month. You can monitor your Bank account on the Bank Easy phone teller (765-732-EASY) or via Bank by Mouse on our web site.

If you do not have a direct deposit account with the IRS (you receive paper checks for tax returns), you will most likely receive a paper check. According to news reports, the paper checks will take slightly longer to process before being mailed to the taxpayer. As a BSB customer, you can deposit that check at our drive-up in Bath or West College Corner, or utilize the BSB Mobile App if you have this feature. If you do not have our Mobile App and would like it, please give us a call or visit our web site for details.

The CARES Act offers significant help. Remember, our staff is here to help you during the COVID-19 pandemic.