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CARES Act, Financial Relief and Employment Assistance

Much has happened over the past several days related to the COVID-19 pandemic response. The coronavirus stimulus package, the CARES Act, was signed into law, and nationwide social distancing guidelines have been extended to April 30. Yesterday, Governor Bill Lee, issued a Safer-At-Home Order for the state of Tennessee, urging Tennesseans to stay in place and restricting operations of non-essential businesses.

As an essential business with a special responsibility to continue operations, Reliant’s commitment is to continue providing vital banking services to our customers and communities as we move through and adjust during these unusual times. We continue monitoring CDC guidelines to help support a healthy environment for our employees and customers and will communicate any updates or changes that may impact our customers and communities.

The CARES Act offers assistance on several fronts. However, we understand that many are facing financial stress and struggles today, in addition to worrying about the health and safety of themselves and loved ones. If you have concerns, we encourage you to call your banker to see how we may assist.

CARES Act, Financial Relief and Employment Assistance

On March 27th, the CARES Act, a $2 trillion federal coronavirus stimulus package, was signed into law. Following are highlights of the act along with additional resources.

  • One-time $1,200 check to each individual making $75,000 or less annually, and a sliding scale (downwards) for people making between $75,000 and $99,000 per year. Married couples with no children who earned $150,000 or less annually, will receive a payment of $2,400. Families with children will receive an additional payment of $500 for every child age 16 or under.
  • Federal student loan payments will be waived until September 30.
  • Unemployment benefits are expanded from 26 weeks to 39 weeks and freelancers and gig workers would qualify for the first time.
  • Internal Revenue Service (IRS) will delay federal tax filings until July 15, and offers advice for deducting COVID-19 costs from your taxes.

Paycheck Protection Program

This program will provide 100% federally guaranteed loans to small businesses, which may be forgiven if borrows maintain payrolls during the crisis or restore their payrolls afterward. Learn more at: https://www.uschamber.com/co/run/business-financing/sba-disaster-assistance-loans-guide.

Tennessee Talent Exchange

The state of Tennessee, Tennessee Grocers and Convenience Store Association, Tennessee Retail Association, and Hospitality TN have created the Tennessee Talent Exchange powered by Jobs4TN.gov. The goal of the exchange is to quickly match Tennesseans who are out of work due to COVID-19 with companies currently experiencing a surge in business and making immediate hires.

Companies Hiring in Middle Tennessee

The Tennessean is compiling an ongoing list of businesses hiring now.

As we continue to cope and adapt to our new circumstances, we remain committed to serve our customers and communities and provide the support and financial access you need.

Stay healthy,

DeVan Ard, Jr.

DeVan Ard, Jr.

Chairman, President and CEO

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