COVID-19 Stimulus Payment FAQ
COVID-19 STIMULUS PAYMENTS
Check your payment amount and payment status here.
The information Rogue is receiving about the upcoming stimulus payments is evolving. We rely on information provided by IRS.gov/coronavirus. This site can provide updated detailed information.
Here are some some FAQ's regarding the COVID-19 Stimulus Payments:
Q: How do I find out if the IRS is sending me a payment?
A. People can check the status of both their first and second payments by using the Get My Payment tool on IRS.gov. The tool is being updated with new information, and the IRS anticipates the tool will be available again in a few days for taxpayers.
Q: How will I know if/when the stimulus funds have been deposited?
A: You can check your account history, online or through our Member Contact Center. A letter will be sent to the last known address of the taxpayer within 15 days after the payment is paid. You can also go to IRS.gov/coronavirus for additional information.
Q. Are payments automatic? Do I need to sign up?
A. Payments are automatic for eligible taxpayers who filed a 2019 tax return, those who receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits as well as Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who didn’t file a tax return. Payments are also automatic for anyone who successfully registered for the first payment on IRS.gov using the agency’s Non-Filers tool by November 21, 2020 or who submitted a simplified tax return that has been processed by the IRS.
Q: How will I know what account the IRS will send the funds to?
A: The IRS will use data on file to send the new payments. Taxpayers with direct deposit information on file will receive payments via direct deposit. If no direct deposit information had been provided, a check will be mailed to your address.
Q: How will the payment show up in my account?
A: Economic Impact Payments will appear as a standard tax refund payment by ACH (electronic deposit), to the same account refrenced on your latest tax return. If you did not provide the IRS with your financial institutions, a check will be issued to your address.
Q. When will I receive my payments?
A. Financial Institutions anticipate payments to start disbursement as early as 1/4/2021, however Rogue will not have the details of who and when, until funds are received from the government. Current information provided is that the payments will be sent in phases from the IRS.
Q: What happens if I don't receive my expected payment?
A. You will need to contact the IRS or your tax advisor
Q. What if stimulus is goes into the wrong account?
A. Rogue will be posting the funds as directed by the IRS. If there has been a change in your tax filing you will need to update the IRS. Rogue cannot change deposit information received from the IRS. These are legal changes that must be worked directly with your attorney, tax accountant or the IRS.
Payment Protection Program and Loan Forgiveness
PPP Loan Applications
As of Wednesday, May 6, PPP Funds have been exhausted.
The SBA is continuing to fund outstanding approved PPP applications through May 31. Applications that have been submitted but did not receive an SBA loan number have not been approved for funding.
Applying for PPP Loan Forgiveness
Borrowers may begin to submit Forgiveness Applications for processing.
- Should you have any questions on completing your form, please consult with your tax accountant.
- Email your documents to firstname.lastname@example.org, preferably as a pdf.
Incomplete applications will be returned. If borrowers have additional questions concerning the completion of the application, please consult with your accountant.
Please pay special attention to the documents that must be submitted with each of the Forgiveness Applications. Once submitted, the Business Services team will contact you when the application is approved or if it is incomplete.
Form 3508S can now be used for amounts of $150,000 or less on First Draw PPP loans approved on or before August 8, 2020.
PPP Loans Over $150,000+
You may be able to apply using the Form 3508EZ if you meet qualifications. Please review the instructions for more information.
- SBA Form 3508 EZ Forgiveness Application & Instructions
- SBA Form 3508 Forgiveness Application & Instructions
Wildfire Donation & Resources
Rogue Credit Union is supporting local families, communities and relief efforts affected by the Almeda/Glendower, Obenchain and other surrounding fires. Donations are tax deductible and will go to our local non-profits, designed specifically for assisting impacted families and rebuilding our communities. We will not be disbursing funds directly to individuals. Please contact the Red Cross, United Way, Access or other local organizations for request for assistance. Rogue will be matching donations dollar for dollar, up to $100,000.
Local Resources to Request Assistance:
- Jackson County Emergency Management
- Maslow Project
- Oregon Wildfire Resources
- RAPTOR (Real-time Assessment and Planning Tool for Oregon)
- Rogue Valley Recovers
- Red Cross
- Wildfire Damage Housing Relief Account Program (Oregon Housing and Community Services)
COVID-19 Information and FAQs
Are Rogue Branches Open?
What are my Options if I’m Facing Financial Hardship?
What Safety Measures are In Place?