Updates and Resources For Our Community
Coronavirus Economic Impact Payments
The federal government is expected to send a third round of economic impact payments to approximately more than 100 million eligible Americans in the coming weeks and a total of more than 140 million over the next three weeks. The banking industry is working closely with the Treasury Department to help eligible Americans receive those payments quickly, securely and safely during this challenging time.
Alternate Banking Methods
The COVID-19 pandemic is affecting everyone’s lives, including our customers and the business communities we serve. We take our responsibility to you, our borrower and our business communities very seriously.
Business owners and their employees are feeling the pressures created from this virus and we understand that you could have financial concerns and may even be facing a real hardship during this time. We are writing you to offer options to reduce the hardship you may be experiencing and hopefully make things a little easier for you.
LifeStore Bank COVID-19 Loan Relief Options:
- Payment deferrals including no late fees
- Temporary modifications or reductions in payments
- Additional advances to meet capital needs
I also want to make you aware of a loan relief program the Small Business Administration (SBA) has established for small business owners. I believe you will find the terms very reasonable and the SBA has waived the Guarantee Fee for eligible businesses. Business owners should apply directly on the SBA website, at https://disasterloan.sba.gov/ela/. We recommend you do this immediately if you’re interested.
There are additional options under review by Congress. We’ll keep you posted on any actions we believe could be a benefit to you and your business as they become available. If we can assist you with any of these options or any banking service, call us at 800-723-4718. We are limiting our lobby traffic to appointment only, due to concerns for the health and safety or our employees and customers, so please call ahead to meet in person.
Thank you for your loyalty and support of LifeStore.
President and Chief Executive Officer
If you are negatively affected by the coronavirus situation, we are here to help. We are committed to working with our customers to reduce financial stress during this challenging time. Please contact your lender to discuss your situation.
Looking for information on PPP Loan Forgiveness? Click Here
Tips About Economic Impact Payments
- Recipients don't have to take any action. The IRS will calculate and automatically send out impact payments via direct deposit, paper checks or prepaid cards.
- The fastest way to get money to eligible American families in a safe and secure manner is through direct deposit to either a bank account or a reloadable prepaid debit card.
- Americans may see the direct deposit payments as pending or as provisional payments in their accounts before the scheduled payment date of March 17, 2021, which is the official date funds are available per the IRS.
- The government is expected to make some payments to recipients that have not provided their bank account information for electronic payments through Treasury-issued prepaid cards. These cards will be sent via the U.S. Postal Service.
- As a last resort, we understand that the government will send millions of checks to consumers across the country. As a reminder, you can deposit checks at any of our LifeStore Bank ATMs, Drive-Thrus or open lobbies.
- If you are expecting a payment and it did not come, the IRS's Get My Payment Portal allows consumers to check the status of their payment. The portal will not allow recipients to input bank account information.
- Be wary of fraudsters who are already attempting to scam people out of their payment, and keep in mind that the government will NOT contact you by phone, text or email about this payment.
Scam Prevention Resources
We are dedicated to serving you while maintaining the health and wellness of our employees, customers and the communities we serve. We have implemented recommendations and guidelines with the safety of everyone in mind. Please follow these precautions when visiting our locations.