KeyBank is supporting The Coronavirus Aid, Relief, and Economic Security (C.A.R.E.S.) Act.
Economic Impact Payments (Stimulus payments)
The IRS has started sending Economic Impact Payments, or Stimulus payments, via direct deposit. We are helping our clients get the full benefit from these direct deposit Stimulus payments. Clients with negative balances of $50 or less at the beginning of the day their Stimulus is direct deposited will have those negative balances forgiven. Clients with negative balances of more than $50 at the beginning of the day their Stimulus is direct deposited will receive a 30-day temporary credit so they can immediately access their full Stimulus payment. This temporary credit will be reversed after 30 days.
Clients and non-clients can cash their paper Stimulus checks without fees at a branch by appointment or drive-thru; clients can also deposit their checks using the KeyBank mobile app or at a branch. You will need to bring your identification (if a non-client, you will need two forms of identification). Schedule an appointment or find a drive-thru location.
Paycheck Protection Program Update
Through April 15th, KeyBank successfully processed approximately 35,000 applications from clients through the SBA, requesting $8.5 billion in funds from the Paycheck Protection Program.
KeyBank remains committed to working with our clients to support them during this critical time. While the Paycheck Protection Program is on hold because the initial funds have been exhausted, we are hopeful for the expansion of the program’s support and encourage Congress to act quickly. We stand ready to inform our clients of updates regarding any additional funding for the program and also help them access other forms of assistance they may qualify for.
For additional information about how KeyBank is supporting our clients, employees and communities go to: https://www.key.com/about/announcements/coronavirus-information.jsp