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Day Air CARES Act Summary.

The Government Coronavirus Aid, Relief and Economic Security Act (CARES Act)

Reivew the Day Air CARES Act summary to learn how you and your family may benefit.

Stimulus Payments to Taxpayers

Benefit

  • The U.S. Treasury will send checks for up to $1200 per person for taxpayers with gross adjusted income up to $75,000 ($150,000 for couples) and an additional $500 per child.
  • Those with no income and who receive benefits such as SSI are also eligible.
  • Payments determined based on 2019 taxes or 2018 returns if 2019 has not yet been filed.
  • Payments in the form of direct deposit or check.

What you can do and how Day Air can help

  • No action needed for qualified individuals to receive your benefit.
  • If you have Day Air or other financial accounts on file with the IRS (from receiving tax refunds in previous years) you will receive your payment electronically.
  • If you do not have an account on file you will likely receive a paper check by mail.
  • You can deposit these into your Day Air accounts at a drive thru, or by using Day Air Mobile Deposit within the Day Air App!
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Credit and Mortgage Assistance

Benefit

  • If you have a federally-backed mortgage, you can receive up to 180 days of forbearance (payment deferral).
  • Businesses must report forbearance and modified payments to credit reporting agencies as “current” or as the status reported prior to the accommodation.

What you can do and how Day Air can help

  • If you already applied for forbearance on your mortgage, no other action is needed at this time.
  • If you have not applied, and are experiencing hardship due to COVID-19, please contact Day Air at (937) 643-2160 to discuss your options.
  • Note: Day Air has temporarily suspended new foreclosures.
Student Loan Assistance

Benefit

  • The legislation provides a six-month automatic payment suspension for any student loan held by the federal government; this six-month period ends on September 30, 2020
  • Under already existing rules, up to $5,250 in payments made by an employer under an education assistance program could be excluded from an employee’s taxable income; this exclusion is expanded to include eligible student loan repayments an employer makes on an employee’s behalf before January 1, 2021

What you can do and how Day Air can help

  • No action needed for qualified federal
  • student loan  and forgiveness recipients.
  • For further questions, contact your loan servicer.
  • Work with your school or organization to access other resources.
  • Note: This benefit does not apply to Day Air’s Student Choice loan suite.
    • If you have questions or needs surrounding your Day Air Private Student Loan, please contact UAS at www.uasecho.com or by calling 800-723-2210.
Unemployment Benefits

Benefit

  • An additional $600 weekly benefit to those collecting unemployment benefits, through July 31, 2020
  • An additional 13 weeks of federally funded unemployment benefits, through the end of 2020, for individuals who exhaust their state unemployment benefits
  • Targeted federal reimbursement of state unemployment compensation designed to eliminate state one-week delays in providing benefits
  • Unemployment benefits through 2020 for many who would not otherwise qualify, including independent contractors and part-time workers

What you can do and how Day Air can help

  • Contact the Ohio Unemployment office directly at unemployment.ohio.gov
  • If you have already filed, follow the direction of Ohio Department of Job and Family Services.
  • If your unemployment benefits are direct deposited to a Day Air account, you can check balances, make transfers and pay bills using the Day Air App or Online Banking.
Health Assistance

Benefit

  • Promotes use of telehealth technology.
  • Requires health insurance plans to reimburse for coronavirus testing.
  • Supports provision of 90-day prescriptions for Medicare Part D recipients.
  • Provides COVID-19 vaccine with no cost-sharing to Medicare Part B patients.

What you can do and how Day Air can help

  • Contact your health insurance provider for specific questions concerning coverage.
  • If you have a Health Savings Account through Day Air, you can check account balances through the Day Air App at any time.
Retirement Plan Provisions

Benefit

  • Required minimum distributions (RMDs) from employer-sponsored retirement plans and IRAs will not apply for the 2020 calendar year; this includes any 2019 RMDs that would otherwise have to be taken in 2020
  • The 10% early-distribution penalty tax that would normally apply to distributions made prior to age 59½ (unless an exception applies) is waived for retirement plan distributions of up to $100,000 relating to the coronavirus; special re-contribution rules and income inclusion rules for tax purposes apply as well
  • Limits on loans from employer-sponsored retirement plans are expanded, with repayment delays provided

What you can do and how Day Air can help

  • Reach out to your financial advisor or professional for specific details surrounding your plan.
  • Contact your company benefits administrator for distribution requests and processes.
  • Note: Day Air is waiving early withdrawal penalties on share certificates of deposit (daily cash withdrawal limits do apply).
Business Relief

Benefit

  • An employee retention tax credit is now available to employers significantly impacted by the crisis and is applied to offset Social Security payroll taxes; the credit is equal to 50% of qualified wages up to a certain maximum
  • Employers may defer paying the employer portion of Social Security payroll taxes through the end of 2020 and may pay the deferred taxes over a two-year period of time; self-employed individuals are able to do the same
  • Net operating loss rules expanded
  • Deductibility of business interest expanded
  • Provisions relating to specified Small Business Administration (SBA) loans increase the federal government guarantee to 100% and allow small businesses to borrow up to $10 million and defer payments for six months to one year; self-employed individuals, independent contractors, and sole proprietors may qualify for loans

What you can do and how Day Air can help

Summary As Passed by U.S. Senate and U.S. House of Representatives – March 27, 2020. Please note: This is a summary of information focused on areas of the bill that benefit our consumer members primarily. It is subject to error and omission. Please consult a professional regarding insight for your particular needs.

More COVID-19 Resources

Impacted services and locations.

Borrower Assistance Programs for members.

Paycheck protection program for small businesses.

Economic impact payment (stimulus check) details for members.

CARES Act summary for Day Air members.

How to access your account digitally.

Associate and Community support throughout the COVID-19 situation.

Safety and soundness of Day Air Credit Union.

Protect your money from Coronavirus scams.

Local, state and national resources for our members.