Your Financial Partner—Now & Always 

MORTGAGE INFORMATION

If you’re experiencing financial hardship due to COVID-19 you may request a special forbearance lasting up to 180 days (with the option of an additional 180-day period).² 

Please call for assistance with your mortgage payment forbearance request.

SBA PAYCHECK PROTECTION PROGRAM

If you need access to capital for payroll and other overhead costs, you may want to apply for a Paycheck Protection Program loan under the Small Business Administration.  

We currently are not accepting applications for PPP loans. Check back on this page frequently for any updates.

IRA CHANGES

The CARES Act also included several changes to IRA distributions. 

One big change is that required minimum distributions (RMDs) from employer-sponsored retirement plans and IRAs will not apply for the 2020 calendar year; this includes any 2019 RMDs that would otherwise have to be taken in 2020. Please note that if your iQ IRA is already set up to disburse automatically, you’ll need to contact us to have this stopped. Otherwise, the distribution will take place as normal. If the RMD was already taken, it can be redeposited back into the IRA long as it’s done within 60 days from the withdrawal date. 

Another change is that the 10% early-distribution penalty tax that would normally apply to distributions made prior to age 59.5 is waived for retirement plan distributions of up to $100,000 for circumstances related to the coronavirus. Special re-contribution rules and income inclusion rules for tax purposes apply as well. This applies to participant, spouse or dependent who is diagnosed with the virus or experiences adverse virus-related financial consequences including quarantine, furlough, layoff or reduced work hours, lack of childcare, closing or reduced hours of a business owner/operator. Income tax on the taxable portion of the distribution may be spread over a three-year period.  

DISCLOSURE

Skip/deferred payments will continue to accrue interest during the month(s) in which the payment was skipped. Normal payments will resume after the skip payment period is over unless otherwise stated. If you have GAP or other insurance coverage related to your loan, consult your policy documents prior to skipping a payment as doing so might impact your coverage. Terms and conditions subject to change at anytime without notice. 

Loans in bankruptcy on in default on any loan agreement are not eligible. 

²A borrower experiencing financial hardship has a right to request a special forbearance lasting up to 180 days (with the option of an additional 180-day period) during the pendency of the "covered period." The covered period is defined as the period beginning on the date of enactment of the Act and ending on the sooner of the termination date of the national emergency or December 31, 2020.

IRA DISCLOSURE

For specific information about how the IRA changes may impact your tax situation, please consult your tax advisor.