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Make the Most of Your Stimulus Benefit

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Many Americans are set to receive money from the government in the form of a stimulus benefit. Dr. Laura Hendrix, Accredited Financial Counselor® and Associate Professor, Personal Finance and Consumer Economics with the University of Arkansas Cooperative Extension Service recommends planning now to use your stimulus check wisely by paying bills, paying down debt, and saving for emergencies.

Build savings by starting or contributing to an emergency savings fund. It is more important now than ever. Most personal finance experts recommend an emergency fund with enough to cover at least 2 months and up to 6 months of expenses. An emergency savings fund is your best protection in times of economic uncertainty.

Pay bills to stay current on payments and avoid defaulting. Missing payments can lead to foreclosure or repossession. Late and missing payments lower your credit score, making future credit more expensive and more difficult to obtain.

Pay down debt on credit cards. Paying off credit card debt can free more money in your future budget and save money on interest.

The amount of the stimulus benefit will vary depending on your income and family size. Adults with annual income up to $75,000 will receive $1,200, plus another $500 per child. Benefits will be distributed by check or direct deposit. This online calculator will tell you what your COVID-19 stimulus benefit will be: https://www.washingtonpost.com/…/coronavirus-stimulus-chec…/

Also, be aware of scammers who impersonate government officials by phone, email or social media demanding personal and banking information to verify eligibility for the government’s stimulus check.

To keep your stimulus and other financial information safe, only rely on official government websites (.gov) for economic relief information and never give out your personal information over the telephone or by email.

The Cooperative Extension Service is your source for reliable information. We connect trusted research to the adoption of best practices and serve as a promoter of prosperity for Arkansans. For more information, visit our webpage at www.uaex.edu/money. Follow uaexMoney on Facebook for regular updates on financial issues and concerns.

Sevier County Extension agents and our 4-H program assistant are working by telecommuting to follow the social distancing best practices during the COVID-19 crisis. Dana Stringfellow, administrative specialist, will be in the office taking calls. You may call our office at 870-584-3013 to contact agents and we will respond to inquiries.

Also for the latest information on Family and Consumer Sciences (FCS) topics follow Sevier County Extension on Facebook. Contact Janet Cantrell, FCS Agent in Sevier County, by email at jcantrell@uaex.edu for more information.

uaexMoney Personal Finance Advice and Tips for Arkansans | Setting budgets for Arkansas families

Want to know the best ways to save and earn money? We can help. We provide the latest research-based information about personal finance. Discover ways to increase financial security. Gain skills to build wealth. Use your resources to make your dreams come true.

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From the Office of the Chancellor

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The COVID-19 epidemic continues to influence our lives in so many ways. The potential spread of this disease has altered the lives of our students and our employees. In the most recent press conference hosted by Arkansas Governor Asa Hutchinson, he indicated that the peak of COVID-19 infections for Arkansas could possibly occur in late April. While we all pray and hope that this will be sooner, and the peak less severe, we have a responsibility to protect our students, staff, and community.

Based on the information that we have, UA Cossatot will continue to operate as we have been since this pandemic started. We will continue to keep our campuses closed to students and visitors until at least Friday, April 17th. Our employees will continue to work either on campus or from home. Those employees that are working on campus must continue to observe the rules of social distancing and cleanliness.

We will continue to serve and provide all the resources our students need to be successful in the online environment. Our students, faculty, and staff have been unbelievable in answering these challenges in these very trying times. We will walk every mile with our students. We will make a determination regarding our hands-on technical course schedules on Friday, April 3rd. We understand that online learning is not an option for many technical students who learn many of their skills in lab and shop settings. We will be sensitive to the needs of these students and will find the best way to accommodate and allow them to complete their education in a safe setting.

As for the summer and fall semesters, our registration is open for both semesters. We have made our entire registration process online for the safety and convenience of our students. Our website contains all the information students need to register: https://www.cccua.edu. Our summer term will feature mainly online courses, but will have some in-class courses should the COVID-19 outbreak lessen enough to allow that to happen. We are planning on a full and normal fall 2020 semester. We are hoping that there will be additional educational assistance for students impacted by COVID-19.

These are unprecedented and unexplored times but we will all make it through by working together. You can always find more UA Cossatot information on Facebook (ED88 and UAC) and on our CCCUA.EDU and https://www.ed88radio.com websites.

Thank You,

Dr. Steve Cole
Chancellor, UA Cossatot

Cossatot Community College

UA Cossatot embraces diversity and is committed to improving the lives of those in our region by providing quality education, outstanding service, and relevant industry training. The University of Arkansas - Cossatot Community College offers degrees and certificates in more than two dozen fields.

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UA Cossatot Foundation's Fiesta Fest 2020 Postponed

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Due to safety and health concerns, the seventh annual Fiesta Fest scheduled for Saturday, May 2, 2020, in Downtown De Queen, is now rescheduled for Saturday, September 12, 2020, in the same location from 11:00 A.M. to 4:00 P.M.

Fiesta Fest is a an event hosted by UA Cossatot Foundation that focuses on bringing the community together while also raising money for UA Cossatot students. The annual event features many vendors and attractions that highlight and celebrate cultures, businesses, and people of Southwest Arkansas.

For questions about Fiesta Fest or how to participate, please contact UA Cossatot Foundation Director, Dustin Roberts at 870-584-1172 or droberts@cccua.edu.

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De Queen/Sevier County Chamber April 1 Updates

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For the complete story, visit:

https://www.dequeenbee.com

De Queen/Sevier County Chamber of Commerce April 1 updates

Federal News New Treasury Guidance on Small Business Loan Program, Employee Retention Credit: The Treasury Department has issued new guidance on the CARES Act's $350 billion loan fund for small businesses during the COVID-19 pandemic. Small businesses and sole proprietorships can apply for loans through the "Paycheck Protection Program" starting April 3, while self-employed individuals and independent contractors can apply starting April 10.

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HealthCare Express Opening COVID-19 Testing Centers in De Queen

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For the complete story, visit:

https://www.dequeenbee.com

HealthCARE Express opening COVID-19 testing centers in De Queen

Beginning Wednesday, April 1, the HealthCARE Express clinic in De Queen will join the ranks of the clinics HealthCARE Express has designated as COVID-19 testing centers in their communities. The test HealthCARE Express is offering will provide results within 1-3 days, drastically reducing the wait time for results compared to the previous COVID-19 test.

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Restaurants Struggle to Stay Open Amidst Surrounding Business Closures

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For the complete story, visit:

https://www.dequeenbee.com

Restaurants struggle to stay open amidst surrounding business closures

With Governor Asa Hutchinson ordering the shutdown of many businesses in the state, the impact has left the local business community struggling to survive as many restaurants have closed as have all the gyms, barber shops and beauty salons.

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Governor Hutchinson Directs State Parks To Implement New Measures for Public Health

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LITTLE ROCK – Governor Asa Hutchinson has approved temporary changes to Arkansas State Parks’ operations to protect public health during the COVID-19 crisis, he announced at a news conference today. 

The Governor has directed that Arkansas State Parks implement “day use” operations only, effective 8 a.m. on Friday, April 3, a decision he made in consultation with Arkansas Department of Parks, Heritage and Tourism Secretary Stacy Hurst.

“Arkansas State Parks will remain operational,” Governor Hutchinson said. “Arkansas is known for our outdoor recreation, and we want to allow Arkansans to safely enjoy what our state has to offer. These new safety measures will reduce the risk of overcrowding at our parks and discourage visitors from out-of-state until the threat of COVID-19 has passed.”

“This Friday, we will move to ‘day use’ only across our state parks system, eliminating all overnight stay opportunities,” Secretary Hurst said. “This is consistent with 28 other states, and we believe it will further reduce the number of out-of-state visitors. We are staying on top of the data and best practices and will adjust if further limitations are needed.”

Under the new “day use” directive, Arkansas State Parks will close overnight facilities, such as cabins and campgrounds. 

In addition, Arkansas Department of Parks, Heritage, and Tourism is temporarily implementing safety measures to prevent visitation surges in state parks. Arkansas State Parks will deploy park rangers to enforce social distancing, disperse gatherings of more than 10 people, and implement parking restrictions to limit overcrowding at popular parks.

Secretary Hurst will closely monitor problematic areas such as trails that are overcrowded or too narrow for proper social distancing and close such areas as needed. 

Information on the park closings can be found at https://www.ArkansasStateParks.com/covid-19-update.

COVID-19 Update | Arkansas State Parks

Arkansas State Parks remain open as we monitor COVID-19 and the impact of coronavirus in our state. We are taking the CDC's recommended precautions as we work to provide a safe environment for our visitors. Parks continue to be your gateway to hiking, kayaking and canoeing, golf, mountain biking, fishing and boating and other outdoor experiences.

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Message from U.S. Congressman Bruce Westerman

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Friends,

President Trump signed the bipartisan Coronavirus Aid, Relief and Economic Security (CARES) Act into law on March 27, and I know many of you have questions about what this bill means for you and your families.

I've compiled a list of resources, frequently asked questions, and background information below to help you better understand some of the main portions of the bill. As always, my offices are equipped to answer any additional questions you have - just give us a call at (501) 609-9796. You can also sign up to receive weekly updates here.

We are all in this together.

Bruce Westerman

Arkansas' Fourth District

American Recovery Rebates
Every American with a valid Social Security number is eligible to receive a one-time tax rebate check. The full amount ($1,200 for individuals, $2,400 for couples, $500 for each child under the age of 17) is available for those with incomes at or below $75,000 for individuals, $112,500 for heads of household, or $150,000 for joint filers. The credit phases out above those thresholds and will be phased out completely for single taxpayers with incomes exceeding $99,000 or joint filers with incomes exceeding $198,000.

Those who have no income, as well as those whose income derives entirely from non-taxable means-tested benefit programs - such as SSI benefits - may still be eligible for a rebate. However, if a person over the age of 17 is a dependent on someone else's tax return, they will not be eligible for a rebate.

Frequently Asked Questions:

How do I get my check?

If you have already filed your 2019 tax return, your rebate will be based on that information, otherwise it will pull from your 2018 tax return. The amount will come in the form of a tax rebate and will be directly deposited into your bank account, if you included direct deposit information on your tax form. If you did not, your check will be mailed to you.

If you typically do not file a tax return, you must still file one to be eligible for the rebate. More information on free filing is available here.

I changed my banking information since filing my tax return. How will the IRS know where to send my check?

The Treasury Department is creating a website where taxpayers can provide their banking information to receive a direct deposit instead of a check. You will be able to update your information there.

When will I get my check?

Treasury Secretary Steven Mnuchin said during a March 25 White House briefing that the department could begin sending payments in as little as three weeks.

Will I get a check if I owe back taxes?

Yes, rebates will not be offset by tax debt or any other federal debt.

I receive Social Security benefits, veteran benefits, or disability. Will I get a check?

Yes. As long as a person has a valid Social Security number, they can receive the credit – so this means workers, those receiving welfare benefits, Social Security beneficiaries, veterans and others are all eligible. However, you must still file a tax return in order to be recorded by the IRS for this rebate.

Small Business Assistance
The CARES Act creates a Paycheck Protection Program for small employers, self-employed individuals, and “gig economy” workers, with $350 billion to help prevent workers from losing their jobs and small businesses from going under due to the COVID-19 outbreak. The Paycheck Protection Program provides 8 weeks of cash-flow assistance through 100 percent federally-guaranteed loans to small employers who maintain their payroll during this emergency.

If the employer maintains payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities would be forgiven. This proposal is retroactive to February 15, 2020, to help bring workers who may have already been laid off back onto payrolls. Some businesses that employ more than 500 employees across multiple locations are eligible for the Paycheck Protection Program at each individual location.

The CARES Act also institutes an employee retention credit, providing a refundable payroll tax credit equal to 50 percent of up to $10,000 in wages per employee (including health benefits) paid by certain employers during the COVID-19 crisis. This credit is available to employers:

Whose operations were fully or partially shut down by government order limiting commerce, travel, or group meetings due to COVID-19, or
Whose quarterly receipts are less than 50 percent for the same quarter in the previous year.

Frequently Asked Questions:

What businesses are eligible?

Businesses and entities must have been in operation on February 15, 2020.
Small business concerns, as well as any business concern, a 501(c)(3) nonprofit organization, a 501(c)(19) veterans organization, or Tribal business concern described in section 31(b)(2)(C) that has fewer than 500 employees, or the applicable size standard in number of employees for the North American Industry Classification System (NAICS) industry as provided by SBA, if higher.
Individuals who operate a sole proprietorship or as an independent contractor and eligible self-employed individuals.
Any business concern that employs no more than 500 employees per physical location of the business concern and that is assigned a NAICS code beginning with 72 (Accommodation and Food Services sector), for which the affiliation rules are waived.
Affiliation rules are also waived for any business concern operating as a franchise that is assigned a franchise identifier code by the Administration, and company that receives funding through a Small Business Investment Company.
Where can I get this loan?

Through any existing Small Business Administration lenders and any lenders that are brought into the program through the Treasury Department. Talk to your preferred financial lender to see if they qualify.

What can the loan be used for?

Payroll costs
Costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums
Employee salaries, commissions, or similar compensations
Payments of interest on any mortgage obligation (which shall not include any prepayment of or payment of principal on a mortgage obligation)
Rent (including rent under a lease agreement)
Utilities
Interest on any other debt obligations that were incurred before the covered period
When can I apply?

Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. The Treasury Department encourages people to apply as quickly as possible because there is a funding cap.

When is the application deadline for the Paycheck Protection Program?

Applicants are eligible to apply for the PPP loan until June 30, 2020.

How do I receive loan forgiveness?

You must apply through your lender for forgiveness on your loan. In this application, you must include:

Documentation verifying the number of employees on payroll and pay rates, including IRS payroll tax filings and state income, payroll and unemployment insurance filings.
Documentation verifying payments on covered mortgage obligations, lease obligations, and utilities.
Certification from a representative of your business or organization that is authorized to certify that the documentation provided is true and that the amount that is being forgiven was used in accordance with the program’s guidelines for use.
Unemployment Insurance
The CARES Act expands current unemployment benefits to individuals who are not traditionally eligible for unemployment benefits: self-employed, independent contractors, individuals with limited work history, gig workers and others.

Federal funding is now available for states to provide the first week of unemployment benefits to eligible individuals immediately. This allows individuals to apply and receive unemployment benefits as soon as they become unemployed, instead of waiting one week after becoming unemployed to apply for and receive benefits. This legislation also provides an additional $600 per week to each recipient of unemployment insurance or Pandemic Unemployment Assistance for up to four months.

The CARES Act authorized a Pandemic Unemployment Assistance of an additional 13 weeks of unemployment benefits for individuals who remain unemployed after state unemployment benefits are no longer available.

These provisions sunset on December 31, 2020.

Frequently Asked Questions:

How do I file for unemployment?

You can file an unemployment insurance application online here, call the hotline at 1-844-908-2178 or 501-534-6304, or file a claim at any Arkansas Workforce Center office. A valid government ID is required (driver’s license or passport). Due to an increased volume of applications, the online process is recommended.

Once you finish the application, you may need to call your local unemployment office to complete the process. Keep in mind that many others are doing the same thing, so expect longer wait times as local offices rush to catch up with the high demand.

My child's daycare closed/I'm taking care of a family member with COVID-19/I'm experiencing COVID-19 symptoms and need to quarantine, am I still eligible for unemployment insurance?

Yes, if these circumstances are preventing you from working, you will be eligible for coverage.

I quit my job. Can I still receive these additional benefits?

It depends. If you were forced to quit your job because of daycare closures or COVID-19 exposure, you should still be covered under the bill. However, you cannot voluntarily opt-in by quitting for reasons unrelated to COVID-19. You must be laid off by your employer.

I'm already receiving unemployment benefits. Will I still be eligible for the additional coverage?

Yes. Even if you're already receiving unemployment benefits, your state-level benefits will be extended by 13 weeks. You'll also be eligible for the additional $600 weekly federal payment.

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Message from the Office of U.S. Senator Tom Cotton Regarding COVID-19

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I wanted to flag several key questions that Senator Cotton’s office has been hearing from constituents. Please feel free to use the information below however you see fit to help spread the word to Arkansans.

I’m on social security. Do I need to file a tax return to receive my benefits?

No. If an individual has not filed a tax return in 2018 or 2019, the government will use an individual's 2019 SSA-1099 Social Security Benefit Statement or 2019 RRB-1099 Railroad Retirement Benefit Statement to advance payments to individuals who receive Social Security or Railroad Retirement Benefits. All Social Security beneficiaries-retired workers, disabled workers, eligible family members, and survivors-receive a Form SSA-1099. However, Supplemental Security Income (SSI) recipients are not provided a Form SSA-1099. SSI recipients who also receive Social Security benefits will be automatically forwarded a payment. SSI recipients who do not receive Social Security benefits will need to file a 2019 tax return to receive a payment if they are otherwise eligible. If an individual started receiving Social Security payments in 2020, they will need to file a 2019 tax return to be eligible. Adults who are claimed as a dependent on another taxpayer's return are not eligible for a payment.

What do I need to do about my federal student loans?

Federal student loan borrowers do not need to take any action to suspend payments. Your federal student loan servicer will suspend all payments without any action from you. You do not need to contact your student loan servicer. While federal student loan payments are suspended, the loans shall not accrue any interest and the month of a suspended loan payment will be treated as if a loan had been made for purposes of loan forgiveness and loan rehabilitation. The suspension period will result in no negative credit reporting and also involuntary collection of the loan will be suspended—no wage garnishments, tax intercepts, offset of federal benefits, or any other collection activity. These protections do not apply to borrowers with Perkins Loans and borrowers whose FFEL loans are held by banks or guaranty agencies. If you have a Perkins Loan or an FFEL loan that is privately owned, you should contact your loan servicer to explore options they may be offering.

When will I get my check and how much will it be?

Treasury Secretary Steven Mnuchin has said he expects most people to get their payments within approximately three weeks.

For Individual Filers: Americans who file their taxes as individuals will receive up to $1,200 in assistance. If your income was less than $75,000 in 2019, you will receive the full amount of $1,200. For those making above $75,000, reduced checks on a sliding scale will be paid. For every $100 you make over $75,000, your assistance will be reduced by $5.

For Married Couples Filing Jointly: Americans who file taxes jointly will receive up to $2,400 plus $500 for every dependent under the age of 17. If your joint income was less than $150,000 in 2019, you will receive the full amount of $2,400 plus $500 for every dependent under 17. For couples making above $150,000, reduced checks on a sliding scale will be paid. For every $100 you make over $150,000, your assistance will be reduced by $5.

I just lost my job. What are my options in terms of unemployment benefits?

Congress recently passed a new program called Pandemic Unemployment Assistance which will make certain Arkansans who lost their jobs due to the public health emergency are eligible for unemployment insurance, provided an additional 13 weeks of unemployment insurance, and provided an additional $600/week in unemployment insurance through July 31. Arkansas normally offers 16 weeks of unemployment insurance; because of the new program, Arkansans will be eligible for a total of 29 weeks.

Individuals Eligible for Normal Unemployment Insurance: Unemployed workers who are eligible for traditional unemployment insurance will receive their normal income-based payment plus $600 a week until July 31st. If an individual is still unemployed after July 31, their payment will revert down to the traditional payment they would have received before the crisis.

Individuals Newly Eligible for Pandemic Unemployment Assistance: Unemployed workers who wouldn’t typically qualify for unemployment benefits but are now unemployed as a result of the pandemic will receive $600 a week plus an amount that the Arkansas Division of Workforce Services determines until July 31. After July 31, their payments will revert down to the amount that ADWS determines. Self-employed individuals, independent contractors, and “gig economy” employees will all be covered. However, to qualify, an individual must have lost their job or income due to the virus, tested positive or exhibited symptoms of the virus, or be caring for a member of your household or family who has been diagnosed with the virus.

Individuals who have had their hours cut: Arkansas offers partial unemployment benefits to certain individuals who have had their hours cut. Please contact the Arkansas Division of Workforce Services to determine if you are eligible.

James Arnold

Press Secretary

Senator Cotton (Arkansas)

Cell: (202) 734-0430