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Coronavirus (COVID-19) Readiness and Assistance, Learn More. 


COVID-19 Update

To our BIC and RTN Community:


As COVID-19 continues to impact our community, we’re committed and prepared to keep serving you through our online website, phone and emails.
As things evolve, we’ll inform you. Stay safe, stay connected and together we’ll get through this.

We are committed to helping our customers and anyone in need of insurance. For your safety and the safety of our staff, we are following CDC guidance and have temporarily adjusted some of our procedures at our Insurance locations. As a financial institution, we are an essential business that take premium payments for a mandatory state law that requires insurance, therefore we are open normal business hours:

 

Monday – Friday 8:30 AM – 5:30 PM

 

  • However, your BIC and RTN Insurance Agents can do EVERYTHING virtually – please call your Agent before you leave your home.  We can take (non-cash) payments, quote insurance, bind/sell insurance, manage and endorse existing policies, take electronic signatures, and handle all needed functions without physical interaction.  Payments can also be made directly to your Insurance Carrier.

 

There’s currently no vaccine to prevent Coronavirus disease (COVID-19). Do your part to slow the spread of the Coronavirus. To help protect everyone we are following these temporary safety guidelines:

 

  • Listen to and follow the directions of your State and Local Authorities.
  • Work or engage in schooling from home whenever possible.
  • Avoid social gatherings in groups of more than 10 people.
  • Maintain a minimum distance of at least 6 feet from others.
  • Clean your hands often for periods of 20 seconds andavoid touching your eyes, nose and mouth.
  • Cover your nose and mouth with a disposable tissue or flexed elbow when you cough or sneeze.

 

If you feel sick, stay home. Contact your Doctor and self-isolate from others in the household. If someone in your household has tested positive for the coronavirus, keep the entire household home. Contact your Doctor and explain the situation.


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We've all been having or receiving many questions. You are so important to us and we are all going through pain. We want to help in any way possible. We are not here just to insure you or your Business, but to Protect you and your loved ones as well. We feel now is the time to look for hope towards the future. The US Treasury's Stimulus Package is designed to help us through this. We are not Government or Banking officials, but here is what we feel we should share. Time to respond is now. Also, helping your community beats watching the news.

 

As you can expect, we just really have a heart to help you and our Community during this crisis. The information is the best we can find, and is certain to change based on the governmental changes. We'll add another disclaimer at the bottom.

 

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The Act has provided for certain middle to low income taxpayers to receive $1,200 per adult person and $500 per child (under 17). The key factor in determining whether you qualify for the check is what your adjusted gross income (AGI) on your household’s tax return. This is line 7 on your 2018 form 1040 and line 8b on your 2019 form 1040. The limits are based on this AGI:

Single Filer $75,000-$99,000

Married $150,000-$198,000

Head Of Household $112,500-$148,500

 

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To receive a payment, there is generally no action you must take. As long as you have a valid social security number, the IRS will calculate your allotted stimulus check amount. You do not have to have filed your 2019 tax return yet. If there is no 2019 return, the IRS will go to 2018 filing. If you do not qualify based on 2018 or 2019 income but will in 2020, then you will receive the money as a credit when you file your 2020 return. If you end up making too much in 2020, then you will pay it back on your 2020 tax return. This money is an upfront credit. It is NOT taxable. All dependent children under 17 will earn the $500 no matter what your income level as parents is. Dependent children over 16 will not receive any money. The IRS estimates the checks to go out in 3-4 weeks. Taxpayers with a bank account on file with the IRS will have their checks automatically deposited. Others will have checks mailed to them.

 

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Do I qualify for the stimulus check?
Every American that filed their 2018 or 2019 tax return or those on Social Security will get a check, as long as their income does not exceed $99,000 (or $136,500 for those qualifying as “head of household,” e.g., single parents). However, the coronavirus relief package in its current form does not include the people using an Individual Taxpayer Identification Number (ITIN).

 

How much will I get?
The sum you receive depends on your yearly income, your marital status and the number of children (aged 17 or less) you have. For specific calculations we encourage you to try out our stimulus check calculator for yourself.

 

Where do I apply to get the payment?
You don't. If you've included your bank account number in your recent tax return, you'll receive a direct transfer. If not, the authorities will mail you a check.

 

How to claim the stimulus payment?
The payment will be transferred directly to the bank account you've included in your recent tax return. If you haven't included any, you'll get a check by mail.

 

How many checks will there be?
So far, there's only one scheduled in the CARES Act. That being said, the government stated that there might be another in the future if they believe it necessary.

 

When can I expect the stimulus checks?
According to Treasury Secretary Steven Mnuchin, people should expect the stimulus payments to arrive within three weeks, i.e., by mid-April. Admittedly, the checks sent by mail may come a bit later than the direct transfers.

 

Do I have to pay it back?
No, it's yours forever.

 

Will the payments be taxed?
No, you pay no income tax on the amount received.

 

Can I claim an adult as a dependent?
You cannot claim an adult as a dependent, even if you are there primary caregiver. You can only claim those under the age of 17 as a dependent.

 

Retirement Accounts:

  • If you are under 59 and a half you may withdraw up to $100,000 from your retirement plan or IRA without the 10% withdrawal penalty. You may put the monies back before year end for no tax consequences.
  • You can also borrow double the amount (up to $100,000) from your retirement accounts or 401k.
  • Retirees can waive their required minimum distributions for 2020 so as not to take money out of the market.

Tax Credits:
Small businesses who pay employees sick leave for two weeks for quarantine or sick family member or children at home due to school closings or up to 3 months of family or medical leave for the same reasons. Contact your payroll service for the coding for this.

 

Payroll Tax Deferral:
If your business did not take advantage of the forgivable loan packages mentioned above, then you are eligible to delay payment of payroll taxes. (50% in December 2020 and 50% in December 2021)

 

Charitable Contributions:
There are 2 significant changes here. If you are a taxpayer that does not itemize, you may in 2020 get up to $300 deduction “above the line” plus your standard deduction. If you itemize the charitable contribution limits will be waived as long as it a direct gift to the charity.

 

Student Loan Payments:
Any federal student loan payments are suspended without further interest accrual until September 30, 2020.

 

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The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses that maintain their payroll during this emergency.

 

Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their salaries afterward.

 

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These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.

 

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Paycheck Protection Program (PPP) Loan. This is a forgivable loan program through SBA 7(a) lenders. This Program provides cash-flow assistance for Payroll and also many other expenses through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency.

  • If employers maintain their payroll, the loans would be forgiven. THIS HELPS KEEP YOUR WORKERS EMPLOYED. This also helps Sole Proprietors and others that depend on themselves only 100%.
  • This is designed to help affected small businesses, and our economy snap-back quicker after the crisis.
  • PPP has a host of attractive features, such as forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year.
  • Small businesses and other eligible entities will be able to apply if they were harmed by COVID-19 between February 15, 2020, and June 30, 2020.
  • This Program would be retroactive to February 15, 2020, to help bring workers who may have already been laid off back onto payrolls. Loans are available through June 30, 2020.
  • The best part of the PPP is that amounts borrowed could well turn out to be a loan in name only. After all, the amount of proceeds a borrower spends in the first eight weeks on payroll costs, mortgage payments, rent, and insurance can be completely forgiven — tax-free, in fact! This is very lucrative if the business doesn’t fire employees or slash payroll.

 

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  • In the Paycheck Protection Program, eligible businesses have crisis funds available for companies with less than 500 employees.
  • PPP also includes Independent Contractors, sole proprietors, Churches, Non-Profits and the self-employed)
  • The company MUST have been substantially affected by COVID-19. The Program will loan the lesser of $10 million or 2.5 of average total monthly payments (payroll, rent, and debt) over the last year period.
  • The money from the loan may be utilized for employee salaries, payroll support. This also includes costs related to health care benefits and sick and family leave, rent or mortgage payments, utilities and debt obligations incurred before the loan.
  • We recommend you really consider this. The assistance being offered is good for Business Owners, Employees, Families & our Communities.
  • This loan is eligible for forgiveness (which will not be taxable) if the employer maintains continued payroll and other allowable costs for a covered period. To apply for this loan, please consult an SBA Lender.

 

Should I apply

  • Because of the backlog, many non-SBA Lenders are handling these now as well. The SBA is overloaded and is reaching out to have banks help them through this process.
  • We recommend seeking an SBA Institution that understands the system. That said, any bank can process the loans. We can continue to share who maintains they are not overloaded and taking applications. Please make this your top Priority. Email us and we'll try and keep up to date on options for you to investigate.
  • We can try and keep you abreast on banks that may be available to process. As we are writing this, the other 4 we would be recommending as other options have suspended taking applications for now.

 

Please keep in mind; we are not Government or SBA officials, Banks, CPAs, or Attorneys. Our motivation is to cut through all the confusion to try and help to the
best of our abilities. Some of the Program funds are forgivable ( like grants). It seems the terms are unprecedented in favor of our Businesses at this urgent time. We want to help you stay in business! We accept no liability as some sort of experts in these changing times.

 

We do care. We will get through this together!.

 

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PPP vs EIDL

 

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