Government Stimulus
CARES Act

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law. This unprecedented stimulus bill offers help to many in the midst of the Coronavirus Pandemic.

Given the scale and newness of the legislation, we are prioritizing our resources to examine and explain how it affects you, your family and your business. We will share our insight and guidance with you via this website and through other, appropriate communications during the next weeks.

  • Please reach out to People's United Bank through the links provided to find more information.
  • Your banker, relationship manager or financial advisor will be available to help discuss your specific situation and potential planning strategies that may be appropriate.

Individuals

How can I check the status of my payment?

You can check the status of your payment by going directly to the IRS website and use the IRS’ “Get My Payment” application at https://www.irs.gov/coronavirus/economic-impact-payments

This application will allow you to check your payment status and method of payment (direct deposit or check)

Visit the IRS website for more information https://irs.gov

You can also set up account alerts with People’s United Online Banking to get notified when deposits are made and checks clear via email or text, or both.

People's United Bank does not have information regarding your payment status or amount.

 


 

What is the timeframe of the Stimulus Payment being deposited to my bank account or mailed in the form of a check?

Electronic stimulus payments are expected to be sent to the bank beginning on April 15th from the IRS and may be subject to change.

People's United Bank does not have information regarding your payment status or amount.

Please review your account activity to determine if/when your payment is received. You will not be notified by the bank if/when your benefit payment is received, but you can set up account alerts with People’s United Online Banking to get notified when deposits are made and checks clear via email or text, or both.

For additional questions, you can check the status of your payment by going directly to the IRS website and use the IRS’ “Get My Payment” application at https://www.irs.gov/coronavirus/get-my-payment

 


 

Is there anything I need to do to receive this benefit?

According to the IRS.gov :

Those who filed taxes in 2018 or 2019, and received a tax refund or made a payment directly to/from an owned bank account, will receive the benefit via a direct deposit to the most recent bank account on file at the IRS.

Those who filed taxes in 2018 or 2019, and received a tax refund or made a payment via check, will receive the benefit in the form of a check mailed to the most recent address on file at the IRS.

For those who were not required to file a tax return but receive government payments (Social Security, Disability, Survivor Benefits, Railroad Retirement) and are eligible for the benefit, you will receive the benefit in the same manner you currently receive your payments (Direct Deposit or Check).

For those who did not file taxes, please refer to the IRS Website Non-Filers section on the Economic Impact Payment Page.

Please review the irs.gov website to keep up with changes.  People's United Bank does not have information regarding your tax situation or form of benefits.

 


 

What if I received my tax refund via Direct Deposit, will I receive the stimulus payment in the same account?

According to the IRS.gov:

Those who filed taxes in 2018 or 2019, and received a tax refund or made a payment directly to/from an owned bank account, will receive the benefit via a direct deposit to the most recent bank account on file at the IRS.

Please review the irs.gov website to keep up with changes.  People's United Bank does not have information regarding your tax situation or form of benefits.

You can also set up account alerts with People’s United Online Banking to get notified when deposits are made and checks clear via email or text, or both.

NOTE for acquired Customers: If your account number has changed due to an acquisition with People’s United Bank, as long as your account is still open, the payment will automatically be transferred to your new account that came over at the time of the acquisition.

 


 

What if I don't have a bank account on file with the IRS or Social Security?

If you do not have a bank account on file with the IRS, your payment should come in the form of a check to the most recent address the IRS has on file.

If the IRS does not have your direct deposit information and has not sent your payment yet, you may be able to receive your benefit electronically.  Please refer to the IRS “Get My Payment” application at https://www.irs.gov/coronavirus/get-my-payment

People's United Bank does not have information regarding what is on file with the IRS.

 


 

Where do I get my People's United Bank account number and routing number if I don’t have a bank account on file with the IRS or Social Security?

If the IRS does not have your direct deposit information and has not sent your check payment yet, you may be able to receive your benefit electronically.  Please refer to the IRS’ “Get My Payment” application at https://www.irs.gov/coronavirus/get-my-payment

People’s United Bank routing number is 221172186. You can find your account number on your checks and monthly statement.

For customers from an acquired bank:

  • If your account number has changed due to an acquisition with People’s United Bank, and the IRS does not have your old account number on file, it is recommended you setup your electronic payment using People’s United Bank routing number of 221172186 and the new account number on the letter you received.

Please Note, People's United Bank does not have information regarding what is on file with the IRS.

 


 

What if I moved and have a new address that is different from the address on my 2019 or 2018 tax filings?

You must notify the IRS to let them know that you have a new mailing address.  Instructions are provided on their website at  https://www.irs.gov/taxtopics/tc157      

Please note, People's United Bank does not have information regarding what address is on file with the IRS. 

 


 

What if I haven't filed my 2019 tax return yet?

If you haven’t filed your 2019 tax return yet, the IRS will refer to the information from your 2018 tax return.

Those who filed taxes in 2018 or 2019, and received a tax refund or made a payment directly to/from an owned bank account, will receive the benefit via a direct deposit to the most recent bank account on file at the IRS.

Those who filed taxes in 2018 or 2019, and received a tax refund or made a payment via check, will receive the benefit in the form of a check mailed to the most recent address on file at the IRS.

For those who were not required to file a tax return but receive government payments (Social Security, Disability, Survivor Benefits, Railroad Retirement ) and are eligible for the benefit, you will receive the benefit in the same manner you currently receive your payments (Direct Deposit or Check).

For those who did not file taxes, please refer to the IRS Website Non-Filers section on the Economic Impact Payment Page. https://www.irs.gov/coronavirus/economic-impact-payments

Please review the irs.gov website to keep up with changes.  People's United Bank does not have information regarding your tax situation or form of benefits.

 


 

If I receive a stimulus check in the mail, what are the options to deposit my check?

We encourage you to use the People’s United Mobile Banking app, to deposit your check. It's fast and free with your mobile device. Refer to https://www.peoples.com/personal/ways-to-bank/mobile-banking/mobile-check-deposit.  You can also use any deposit enabled ATM or at a branch drive-thru window service.  Please Note: In-person banking transactions are by appointment only at this time so we encourage you to choose an alternative channel to expedite your deposit.

Also, if you wish to cash your stimulus check, you may do so by making an appointment to visit a branch or use one of our branch drive-thru window services. Please Note: if your People’s United Bank account is overdrawn, you can still cash your stimulus check for the full amount. Refer to https://www.peoples.com/branches-atms for locations.

 


 

How much will I receive as direct payment from the stimulus package?

People's United Bank does not have information regarding your payment status or amount.

Please refer to the Economic Impact Payment Information Center Page. https://www.irs.gov/coronavirus/economic-impact-payment-information-center

 


 

Can People’s United Bank determine if my payment is pending and the dollar amount?

People's United Bank does not have information regarding your payment status or amount.

Electronic stimulus payments are expected to be sent to the bank beginning on April 15th from the IRS and may be subject to change.

Please review your account activity to determine if/when your payment is received. You will not be notified by the bank if your benefit payment is received.  You can also set up account alerts with People’s United Online Banking to get notified when deposits are made and checks clear via email or text, or both.

For additional questions, you can check the status of your payment by going directly to the IRS website and use the IRS’ “Get My Payment” application at https://www.irs.gov/coronavirus/get-my-payment

 


 

Where can I get more information about my Stimulus Payment?

People's United Bank does not have information regarding your payment status or amount. Please review your account activity to determine if/when your payment is received.

You will not be notified by the bank if/when your benefit payment is received. 

For additional questions, you can check the status of your payment by going directly to the IRS website and use the IRS’ “Get My Payment” application at: https://www.irs.gov/coronavirus/get-my-payment

 


 

What if my People’s United Bank deposit account that my Stimulus Payment is being sent to has closed?

Electronic Stimulus Payments will attempt to post to the account number on file for the customer at the IRS.  If your payment is sent to a closed account at People’s United Bank, the payment will not be posted to the closed account.    The bank will attempt to locate an active account owned by all payees on the payment and deposit it into that active account. If an active account owned by the same payees is located, the payment should post to the active account within the same or next business day.

If there is no active, similarly titled account at People’s United Bank, per IRS guidance, the payment will be returned to the IRS, and you will be issued a check.  You may consult the IRS website for further details. 

 


 

What if my deposit account that my Stimulus Payment is being sent to has changed?   

Electronic Stimulus Payments will be processed to the account number on file for the customer at the IRS.

  • If the account number is no longer valid because the number was changed to a new People’s United Bank deposit account number due to an acquisition, the payment should be transferred to your new deposit account number at People’s United Bank, as long as this account is active. You will not need to take any action.
  • If the account number is no longer valid and there was not a new deposit account number issued for the account due to an acquisition, the bank will attempt to locate an active account owned by all payees on the payment and deposit it into that account.  The bank will make every effort to post this payment within the same or next business day.
  • If there is no active, similarly titled account at People’s United Bank, per IRS guidance, the payment will be returned to the IRS, and you will be issued a check.  You may consult the IRS website for further details. 

 


 

If the account that my Stimulus Payment is deposited into is overdrawn, will I still have access to my full Stimulus Payment?

Yes, we have made every effort to ensure all customers have access to the full amount of their Stimulus Payments. 

For customers who received a Stimulus Payment through Direct Deposit. 

If your People’s United Bank deposit account was overdrawn or in a negative balance prior to receiving your Stimulus Payment, we will credit your account within 10 business days using the following rules to ensure you have access to the full amount of your Stimulus Payment:

  • If your account was overdrawn by less than $100 at the end of the day prior to your Stimulus Payment deposit, a credit was applied to your account equal to the overdraft amount to ensure you have access to the full amount your Stimulus Payment.  This is a courtesy credit and will be forgiven.
  • If your account was overdrawn by $100 or more at the end of the day prior to your Stimulus Payment deposit, a 30-day temporary credit or Provisional Credit was applied to your account.  After 30 days, the temporary credit will be reversed.  You will receive a letter if you received a temporary credit explaining when the credit will be reversed.

For customers who have a Stimulus Payment check to deposit into an overdrawn or negative balance account, you may ask a teller to cash your Stimulus Payment to receive the amount. Please call us at 1-800-894-0300 if you deposited your check through the ATM or mobile banking and did not receive the full amount of your stimulus payment.

We are committed to assisting you with all of your financial needs during these challenging times.  If you are experiencing hardship due to COVID-19 and would like any additional assistance, please contact us at 1-800-894-0300 to discuss how we can help.

 


 

What if my Stimulus Payment has indicated it has been sent to the bank but does not seem to have been credited?

Electronic Stimulus Payments will attempt to post to the account number on file for the customer at the IRS.  If the account is no longer valid, the payment will reject and the bank will attempt to locate an active account owned by all payees on the payment and deposit it into that account.  The bank will make every effort to post this payment within the same or next business day.

If there is no active, similarly titled account at People’s United Bank, per IRS guidance, the payment will be returned and you will be issued a check.  You may consult the IRS website for further details. 

 


 

How will the Stimulus Payment appear on my statement?

Electronic Stimulus Payments will post to your account in the same manner as an electronic tax refund payment.  The description of the transaction will show as:   ACH Credit  IRS Treas 310 Tax Ref

 


 

FORMER UNITED BANK CUSTOMERS:

Will the Stimulus Payment go into my old United Bank account number or the new People’s United Bank account number?

Electronic Stimulus Payments will be processed to the account number on file for the customer at the IRS. 

  • If your account number on file with the IRS is a former United Bank account, the payment should automatically be transferred to your new Deposit account number at People’s United Bank as long as this account is active. You will not need to take any action.
  • If your account number on file with the IRS was not an active account at the time of the acquisition, you may not have been issued a new deposit account number for that account. In this case, the bank will attempt to locate an active account owned by all payees on the payment and deposit it into that account. If an active account owned by the same payees on the payment is located, the payment should post the same or next business day.
  • If there is no active, similarly titled account at People’s United Bank, per IRS guidance, the payment will be returned and you will be issued a check.  You may consult the IRS website for further details. 

 


 

Will the IRS successfully deposit the Stimulus Payment if they have my old United Bank routing and account number on file?

Electronic Stimulus Payments will be processed to the account number on file for the customer at the IRS. 

  • If your account number on file with the IRS is a former United Bank account, the payment should automatically be transferred to your new deposit account number at People’s United Bank as long as this account is active. You will not need to take any action.
  • If your account number on file with the IRS was not an active account at the time of the United acquisition, you may not have been issued a new Deposit account number for that account. In this case, the bank will attempt to locate an active account owned by all payees on the payment and deposit it into that account.  If an active account owned by all payees on the payment is located, this payment should post to the active account the same or next business day.
  • If there is no active, similarly titled account at People’s United Bank, per IRS guidance, the payment will be returned and you will be issued a check.  You may consult the IRS website for further details. 

 


 

FORMER BELMONT AND FARMINGTON BANK CUSTOMERS:

Will the IRS successfully deposit the Stimulus Payment if they have my old Bank routing and account number on file?

All prior BELMONT and FARMINGTON Bank accounts are now People’s United Bank accounts, provided they were active accounts at the time of the acquisition.

  • If your account number was transferred over from the acquisition and is still active, your payment will be applied to your People’s United Bank account.  You will not need to take any action.
  • If you were issued a new account number at the time of the acquisition, the bank will post the payment to your new designated account, provided it is still active. 
  • If your account number on file with the IRS was not an active account at the time of the acquisition, or your new account number is no longer active, the bank will attempt to locate an active account owned by all payees on the payment and deposit it into that account.  If an active account owned by all payees on the payment is located, the payment should post to the active account the same or next business day.
  • If there is no active, similarly titled account at People’s United Bank, per IRS guidance, the payment will be returned to the IRS and you will be issued a check.  You may consult the IRS website for further details.  

 


 

What type of mortgage payment assistance is available?

The CARES Act puts two protections in place for homeowners experiencing a financial hardship due to the coronavirus (COVID-19) pandemic. It provides a foreclosure moratorium and the right to forbearance (payment deferral) on federally-backed mortgage loans.

People’s United Bank is offering forbearance for residential and consumer loan customers who have been impacted by COVID-19. Submit a forbearance request so we can review your information and determine your available options.

LEARN MORE

 


 

Is there stimulus relief for Student Loan Borrowers?

Student loan borrowers have the opportunity to suspend required payments on Federal student loans through September 30, 2020 if they proactively contact their loan provider to pause payments. During this period, no interest will accrue on this debt. Consequently, while required payments are suspended, voluntary payments are not prohibited. This period of time will continue to count towards any loan forgiveness programs. To see if you qualify for forgiveness of your Federal student debt, you should review the Public Service Loan Forgiveness program for your specific circumstances.

Learn more about how the CARES Act may impact retirement accounts such as IRAs and 401(k)’s.

Businesses

Paycheck Protection Program (PPP)

Paycheck Protection Program loans are designed to provide a direct incentive for eligible small businesses to keep their workers on the payroll. The program provides eligible small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

Paycheck Protection Program Loan Forgiveness

  • As of October 20th, People’s United is accepting applications for Paycheck Protection Program Loan forgiveness. In the coming weeks, approximately around the time of the end of the borrower’s Covered Period, customers will receive an invitation to apply by email. The email will contain a link providing information on the process and access to the loan forgiveness application portal.
  • PPP borrowers through People’s United Bank who apply for loan forgiveness will do so through an automated platform. The platform will closely follow the content of the forgiveness applications issued by the SBA, but the application forms will NOT be uploaded into the platform. Please familiarize yourself with the information requested in the applications, as well as if you qualify to use the “EZ” or 3508S applications.
  • People’s United Bank will validate forgiveness applications submitted by borrowers, and any approved forgiveness amount must also be approved by SBA. SBA approval of forgiveness applications may take up to 90 days following the bank’s determination.
  • The SBA has published an Interim Final Rule covering additional revisions to loan forgiveness rules and the Paycheck Protection Program Flexibility Act.

For inquiries on application status or questions on the Loan Forgiveness process

  • Please contact your Relationship Manager or the branch banker that took your application, call our PPP helpline at (888) 772-1090 or watch the helpful video below where we walk you through what you need to know about applying for forgiveness.

Video content based on SBA guidance and is up-to-date as of September 28, 2020.



We would like to remind you that some people are using times like this as an opportunity to take advantage. Please remember that we will never contact you to ask for sensitive information, like online banking IDs, passwords, one-time verification codes, account numbers, or Social Security numbers. Please be on the lookout for scams that are designed to trick you into giving your personal information.

Economic Injury Disaster Loans (EIDLs)

The Economic Injury Disaster Loan Program provides small businesses with working capital loans that can help them overcome a temporary loss of revenue as a result of a disaster. In response to the Coronavirus pandemic, small business owners in all U.S. states are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

  • The EIDL program will assist businesses impacted by COVID-19 and allows businesses to borrow up to $2 Million with a maximum loan term up to 30 years.
  • The EIDL program includes an option for a $10,000 cash advance within three days of a successful application that does not have to be paid back even if the borrower’s application is subsequently rejected.
  • Borrowers that subsequently apply for a Paycheck Protection Program loan will have the $10,000 cash advance deducted from their PPP loan.
  • Businesses can apply directly to the SBA for a disaster loan.

Applicants are subject to SBA program eligibility requirements. Information and site links are subject to change without notice. Borrowers should discuss with their financial advisors if an EIDL loan is best suited for their individual situation.

The Main Street Lending Program

As a part of the CARES Act, the U.S. Government has provided $600 billion for the “Main Street Business Lending Program,” to be administered by the Federal Reserve. The Main Street program is intended to support mid-sized businesses that now face hardships as a result of the COVID-19 crisis.

  • The Program offers five-year loans to businesses that meet specific criteria and were in good financial standing before the coronavirus crisis hit. Principal payments will be deferred for two years and interest payments will be deferred for one year (unpaid interest will be capitalized) under this program.
  • Borrowers are required to follow compensation, stock repurchase and dividend restrictions that apply to direct loan programs under the CARES Act, with exceptions for S corporations and other tax pass-through entities.
  • Businesses that have taken advantage of the Small Business Administration’s Paycheck Protection Program may also take out loans under this new program.

Learn More About the Program

Companies interested in the Main Street Lending Program should contact their People’s United Bank Relationship Manager.

Information and site links are subject to change without notice.


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