Who are trying to get merchants to accept stolen cards and wire the funds to another party, in some cases up to $250,000.00
(Such as CovidLock) that purport to help track infections and provide advice but are in actuality ransomware that will lock a merchant’s device until a ransom is paid to the criminals
Designed to entice merchants with the latest advice related to COVID-19, or to open for urgent instructions from their boss that are filled with malware merchants unwittingly download.
As the ability to conduct normal business activities continues to be disrupted for our existing merchants, we are seeing scenarios which lead to reduced earnings for you, and the potential for credit losses from our merchants. To protect you, our merchants, and ourselves from these occurrences, we will be keeping a closer eye on merchants who:
• Are in MCCs that have greater exposure.
• Illustrate financial loss via ACH rejects.
• Have extended future service liability.
Our Enterprise Risk Management team will be modifying some merchants’ setups to minimize these impacts.
Changes our merchants could see may include: a reduction in the return processing window, delayed funding when a batch is a negative amount, fee billing on a daily instead of monthly frequency, standard vs. next-day funding, and reserves if ACH rejects occur.
You may be eligible to receive a direct tax rebate
from the federal government.
The tax rebates included in the third COVID-19 stimulus package signed into law on Friday will provide $1,200 payments to adults with annual incomes up to $75,000, plus another $500 per child under the age of 17. Married couples with an adjusted gross income of 150,000 will qualify for $2,400 payments, and an additional $500 for each child. Individuals whose annual income falls between $75,000-$99,000 will receive reduced benefits; the benefit amount is reduced by $5 for every $100 over the aforementioned annual incomes. Individuals making more than $99,000 annually are not eligible for this benefit.
Increases Benefit Amount
The Federal Pandemic Unemployment Compensation program will provide up to an additional $600 per week to individuals receiving unemployment compensation through July 31, 2020. This is in addition to the state-provided benefit amount and aims to replace 100 percent of wages for the average worker in the United States.
Expands Eligibility for Unemployment
Unemployment assistance coverage is now expanded to include self-employed workers (including gig workers and independent contractors), part-time employees and those with limited work histories, so long as their unemployment is connected to the COVID-19 pandemic.
Extends Duration of Benefits
When benefits provided by the state have been exhausted, individuals are now eligible for an additional 13 weeks of federally-funded benefits.
Please check with your State to view and sign up for benefits.
Small Business Administration
The CARES Act includes the Small Business Repayment Relief Act, legislation introduced to provide critical assistance to businesses with Small Business Administration (SBA) loans. The bill automatically triggers six-months of payment (including principal, interest, and fees) by the SBA on all current and new qualified SBA loans.
Emergency Economic Injury Grants
Independent contractors, self-employed, private non-profits, and small businesses and medium sized businesses with up to 500 employees, including startups, cooperatives, and ESOPs are eligible for a new emergency grant. Grants of up to $10,000 will be provided to eligible individuals within three days of verifying the business’s eligibility. The purpose of this grant funding is to provide immediate, emergency funding to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
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