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Understanding the Government Stimulus package for COVID-19

COVID Financial Wellness:

The United States government recently approved a $2 trillion stimulus package to help people and businesses impacted by the COVID-19 pandemic. The government's Coronavirus Aid, Relief and Economic Security (CARES) Act is the largest package of its kind in U.S. history.

At Fifth Third, we’re proud to support the implementation of the CARES Act, which offers a range of benefits, including direct payments, mortgage and student loan relief and improved lending programs for businesses.

Our Government Stimulus Guide highlights how to access benefits and how we can help.

For Individuals

Benefits for individuals What you can do and how we can help
Direct payment to tax payers

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

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 with the IRS, you will most likely receive a paper check. You can deposit that check at our branches and ATMs or in the convenience of your own home using the Fifth Third mobile app.1,2

We expect the IRS to issue additional guidance on this topic in the near future.

Mortgage assistance

Mortgage lenders and servicers will be allowed to provide up to 180 days of forbearance (payment deferral) on federally-backed loans for customers experiencing hardship related to the COVID-19 emergency.

If you are experiencing hardship associated with the COVID-19 and need help with your mortgage payments, we can help.

If you already applied for forbearance on your mortgage, no further action is needed at this time. Fifth Third will contact you to discuss your options before your initial 90-day forbearance expires.

If you have not already applied for forbearance, you can contact us at 1-877-366-5520 to learn more about the available programs.

Student loan assistance

All payments for federal student loans (Direct and FFELP) are deferred through September 30, 2020.

Contact your student loan servicer to discuss eligibility and options.

Contact information for the top three servicers are listed below:

Unemployment assistance

Expanded unemployment benefits:

  • Eligibility expanded to include self-employed, independent contractors / gig economy workers, nonprofit employees and others
  • Amount increased by $600 weekly
  • Duration extended an additional 13 weeks beyond the existing 26-week maximum

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").

Retirement savings access assistance

The federal government is waving penalties and making other accommodations for those who need to access retirement savings early.

To learn more about your options and how we might help, please schedule an appointment to speak to your Fifth Third team.

Individuals: Frequently Asked Questions

For Business

Benefits for businesses What you can do and how we can help
Enhancements to the SBA program

Expanded SBA benefits to enable more companies to qualify for larger loan amounts at more favorable terms:

  • SBA Express program maximum temporarily increased to $1 million (from $350,000) through December 31, 2020.

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

Tax relief

Multiple provisions to provide tax relief to businesses.

Contact your tax advisor to learn more.

Businesses: Frequently Asked Questions

The CARES Act offers significant help to those in need right now. Remember, Fifth Third is here to help you during the COVID-19 pandemic.

Visit our COVID-19 Update page anytime, anywhere, for the most up-to-date information on how we’re helping our customers and employees.

We’re here to support your banking needs—just as we have been since 1858.

As always, thank you for choosing Fifth Third.