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Government Stimulus Guide

COVID Wellness and Support:

Please visit the IRS stimulus website for questions about the status of your stimulus payment. The latest COVID-19 relief package, the American Rescue Plan Act of 2021, provides $1.9 trillion in economic aid.

Help for individuals, families and businesses includes:

  • Direct stimulus payments
  • Extended pandemic unemployment assistance
  • Expanded tax credits for families and employers that offer paid leave
  • State and local aid for testing and vaccinations, schools, small businesses and more
  • Health insurance subsidies
  • Increased Medicaid funding to states that expand their programs

At Fifth Third, we’re proud to support the implementation of the American Rescue Plan Act. Our Government Stimulus Guide highlights key benefits for individuals and businesses, how to access them and how we can help.

For Individuals

Benefits for individuals What you can do and how we can help
Direct stimulus payments

Direct one-time payment in the form of a check or direct deposit in the amount of:

  • Up to $1,400 to single taxpayers
  • Up to $2,800 to married taxpayers filing jointly
  • Up to $1,400 for each qualifying dependent
  • Payments will be phased out for single taxpayers with adjusted gross incomes of $75,000 and would be $0 at adjusted gross incomes of $80,000 or more
  • Payments will be phased out for married taxpayers filing jointly with an adjusted gross income of $150,000 and would be $0 at an adjusted gross income of $160,000
  • Payments will be based on 2019 or 2020 tax returns

No action is needed for qualified individuals to receive this benefit.

If you have a Fifth Third bank account on file with the IRS (for direct deposit of tax refunds or Social Security benefits), you will likely receive your payment electronically as soon as March 17. Fifth Third will notify customers via email or text message when stimulus funds are available in your account.

If you do not have an account with the IRS, you will most likely receive a paper check. You can deposit that check at our branch or ATM location or in the convenience of your own home using the Fifth Third mobile app1,2

Unemployment assistance
  • Extends the extra $300/week pandemic unemployment compensation through September 6, 2021
  • Exends CARES Act jobless benefits through September 6, 2021
  • Increases Pandemic Unemployment Assistance (PUA) to as long as 74 weeks for individuals who don't qualify for regular benefits
  • Extends to 48 weeks benefits for those who have exhausted regular Pandemic Emergency Unemployment Compensation Program (PEUC)

Contact your state unemployment office directly. Contact information can be found on the U.S. Department of Labor Website (select your state, and then the second link "Apply for Unemployment Benefits").

Emergency rental assistance
  • Provides over $21.6 billion for rental assistance payments through the Treasury Department
  • Qualifying criteria for households include:
    • Qualified for unemployment benefits
    • Received an eviction notice
    • Have a household income that doesn't exceed 80 percent of the area median income

Contact your state or local government for additional information.

Homeowner assistance fund
  • Provides $9.96 billion to establish a Homeowner Assistance Fund at the Treasury Department
  • Funds could be used to reduce mortgage principal amounts, assist with mortgage and housing payments and reimburse state and local governments for money spent to prevent housing losses due to COVID-19
  • Covered mortgages include those with an unpaid principal balance at the time of origination that was less than the loan limit set by the Federal Housing Finance Agency

Contact your state or local government for additional information.

Tax credits, childcare
  • Expands child tax credit to up to $3,000 for each child aged 6−17
  • Children 5 and younger would be eligible for $3,600
  • Tax credits are recurring payments sent to household monthly, starting in July 2021
  • Credits will be phased out for taxpayers filing jointly with an adjusted gross income of $150,000, heads of household with an adjusted gross income of $112,500, and single taxpayers with an adjusted gross income of $75,000

Contact your tax advisor for additional information.

For Business

Benefits for business What you can do and how we can help
Small business/Payment Protection Program
  • Increases program's lending authority to a total of $813.7 billion
  • Expands loan forgiveness to include payments made for premiums for individuals who qualify for COBRA health insurance coverage; applies to applications following the passage of American Rescue Plan Act
  • Expands eligibility of tax-exempt groups to cover most other types of tax-exempt groups, including:
    • Labor organizations
    • Social and recreation clubs
    • Fraternal benefit societies
    • Religious educational groups that might otherwise be barred under SBA rules would be permitted
    • Added tax-exempt groups could not employ more than 300 employees per location or spend more than $1 million annually or 15 percent of their time on lobbying activities
  • Allows 501(c)(3) groups with more than 500 employees per physical location to participate without restriction
  • Expands eligibility to online news publishers with 500 or fewer employees per physical location

Contact your relationship manager or your local financial center to discuss how we can help you take advantage of this program.

Restaurant support
  • Provides $28.6 billion for a Restaurant Revitalization Fund to be administered by the SBA.

Contact the SBA for more details.

As always, thank you for choosing Fifth Third.