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Government Stimulus Guide

COVID Wellness and Support:

At the close of 2020, the United States government approved a second COVID-19 relief package. The Consolidated Appropriations Act of 2021 provides $900 billion in new economic aid for COVID-19 and offers a range of benefits, including direct stimulus payments, additional funding for Paycheck Protection Program (PPP) loans for small businesses and additional unemployment benefits.

At Fifth Third, we're proud to support the implementation of the Consolidated Appropriations 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:

  • $600 to individuals making up to $75,000 annually
  • $1,200 to married or joint filers who make up to $150,000 annually
  • $600 per child dependent
  • Retroactive provision added to the CARES Act, to expand these direct payments to mixed-status households
  • Includes provisions addressing administrative offset for past due federal or state debts and garnishments

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 within a month. Fifth Third may notify customers via email or text message when stimulus funds are available in your account.

If you do not have an account on file with the IRS, you will most likely receive a paper check. You can deposit that check from the convenience of your own home with an eligible account using the Fifth Third mobile app,1,2 or at a branch or ATM location

For more information, or to check eligibility status, please visit the IRS website.

Unemployment assistance
  • Benefits increased by $300 per week for all workers receiving unemployment benefits, through March 14, 2021.
  • Expanded Pandemic Unemployment Assistance (PUA) Program coverage for self-employed, gig workers and others in nontraditional employment.
  • Extends the Pandemic Emergency Unemployment Compensation (PEUC) program, which provides additional weeks of federally funded unemployment benefits to individuals who exhaust their regular state benefits.
  • Increases the maximum number of weeks an individual may claim benefits through regular state unemployment plus the PEUC program, or through the PUA program, to 50 weeks.
  • Provides an extra benefit for certain workers, who have both wage and self-employment income, but whose base benefit calculation does not take their self-employment into account.

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
  • Extends the existing CDC eviction moratorium through January 31, 2021
  • Establishes a federal emergency rental assistance program, with $25 billion in funds to be distributed by state and local governments.
  • Eligible households may receive up to 12 months of assistance, plus an additional 3 months, if necessary, to ensure housing stability.
  • Funds may be used for rent and past due rent, as well as to pay utility and energy bills and certain other expenses related to housing incurred due to COVID-19.
  • Within 30 days of the bill's signing, the federal government will allocate funds to states and cities with populations of 200,000 or more; each state shall receive no less than $200 million.

Contact your state or local government for additional information.

For Business

Benefits for business What you can do and how we can help
Enhancements to the SBA program
  • Expands eligibility for PPP loans and permissible and forgivable uses.
  • Directs the SBA to issue new regulations and to create a one-page loan forgiveness application for loans of $150,000 or less.
  • Includes a new hold harmless provision and provides that lenders must pay agent fees only if the lender contracts directly with the agent (this provision is retroactive).

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

Accounting relief
  • Extends the relief from compliance with CECL (granted under the CARES Act) to January 1, 2022
  • Extends the relief from compliance with GAAP Troubled Debt Restructuring classifications on loans to January 1, 2022

Contact your accounting or tax advisor to learn more.

Tax relief

Multiple provisions to provide tax relief to businesses.

Contact your tax advisor to learn more.

  • Provides $27 billion to the Department of Transportation to support: Federal transit agencies ($14 billion), airports and airport concessionaires ($2 billion), state DOTs ($1 billion), and Amtrak ($1 billion).
  • Provides $2 billion for passenger transportation services, including bus, motor coach, and passenger vessel industries.
  • Provides $15 billion for airline payroll support and $1 billion for airline contractors.

Contact your local transportation agencies and businesses for additional information.

As always, thank you for choosing Fifth Third.