Financial Resources Webinar for North Shore Businesses

This past week we had the honor of hosting a webinar on Financial Resources for Kauai Businesses focusing on those located on the North Shore. If you missed the webinar and are interested in learning about the resources please view it here. 

Financial Resources

Chantal Zarbaugh, Business Development Officer 

Kaua’i Government Employees Federal Credit Union

chantal@kgefcu.evolvecollab.com

www.kgefcu.org

 

Ivory Lloyd, Covid Program Manager

Kaua’i Government Employees Federal Credit Union

ivory@kgefcu.evolvecollab.com

www.kgefcu.org

www.kgefcu.org/ppp

Mark Spain, District Director

Small Business Association (SBA) Hawaii

thornton.spain@sba.gov

www.sba.gov

Mary Dale           808/460-8970     Mary.Dale@sba.gov

Valerie Kubota  808/460-8968    Valerie.Kubota@sba.gov

 

SVOG Application Informational Webinar (Archived) – YouTube

 

Cross-program eligibility on SBA COVID-19 relief options

 

Mark Perriello CEO and President

Kauai Chamber of Commerce

mark@kauaichamber.org

www.kauaichamber.org

 

Kauai Chamber of Commerce has help through the Innovation grants, to provide technical assistance for businesses on Kauai

Innovation Grant Recipients

Kokua Kauai Card

 

Representative Nadine Nakamura

https://www.repnakamura.com/

 

Robbie Melton, Director 

Hawai’i Small Business Development Center robbie.melton@hisbdc.org

www.hisbdc.org/

 

Brian Schatz, United States Senator Hawaii

https://www.schatz.senate.gov/coronavirus

 

Subscribe to our newsletter

Information About Second Round of Economic Impact Payments

Congress recently passed a new COVID-19 relief package, which will provide at least $1.7 billion in new federal funding to help Hawai’i families and local businesses.

 

For the most up to date information, please visit Senator Schatz webpage.

 

Who is eligible?

  • Generally, if you are a U.S. citizen or resident alien, and you are not claimed as a dependent on someone else’s income tax return, you are eligible to receive a payment if you fall within the relevant income thresholds.
  • If you file your taxes as an individual and your annual income is $75,000 or less, you are eligible for full payment of $600.  If you earn between $75,000 and $87,000, you are eligible for a reduced payment.
    • For married couples who file joint returns, you are eligible for full payment of $1,200 if your joint annual income is $150,000 or less.  If you earn between $150,000 and $174,000, you are eligible for a reduced payment.  These amounts will differ if you have children; see below for more details.
    • If you are a single parent and file as a head of household, you are eligible for full payment if your annual income is $112,500 or less, and a reduced payment above that threshold.  Your payment amount will depend on how many children you have.
    • If the credit amount determined by your 2020 tax return exceeds the payment amount determined by your 2019 tax return, you will receive the difference as a refundable tax credit.
    • In general, taxpayers without an eligible social security number are not eligible for the payment.  However, married taxpayers filing jointly where one spouse has a Social Security Number and one spouse does not are eligible for a payment of $600, in addition to $600 per child with a Social Security Number.

 

Do I have to apply or register to get my payment?

Nope. Payments are automatic if you are eligible and you:

  • Filed a 2019 tax return.
  • Receive Social Security, survivor or disability benefits (SSDI).
  • Receive Railroad Retirement benefits and Supplemental Security Income (SSI).
  • Receive Veterans Affairs benefits but didn’t file a tax return.
  • Successfully registered for the first payment online at IRS.gov using the Non-Filers Tool by Nov. 21, 2020.
  • Submitted a simplified tax return that has been processed by the IRS.

 

How will I get my check?

The IRS is already sending direct deposits to people for whom they have direct deposit information on file.

  • If you have direct deposit information on file with the IRS, you will receive the payment that way.  If not, you will receive the payment in the mail as a check or debit card, sent to the address provided on your 2019 tax return.
  • If you are eligible for a direct payment and you filed a tax return for 2019, you will receive this payment automatically.
  • If you are a Social Security Old-Age, Survivors, and Disability Insurance beneficiary, Supplemental Security Income recipient, Railroad Retirement beneficiary, or Veterans Administration beneficiary, you will receive this payment automatically.  If you did not file a 2019 tax return but you receive any of these benefits, you will receive the payment the same way you normally receive your benefits.
  • If you applied through the non-filer portal for the first round of Economic Impact Payments and received a payment, you will receive this payment automatically.
  • If you are eligible to receive a direct payment, Treasury will send notice by mail to your last known address as soon as practicable.  The notice will indicate the method by which the payment was made, the amount of the payment, and a phone number for a point of contact at the IRS to report any failure to receive your payment.
    • If you are eligible but you do not receive payment for any reason, you can claim the payment by filing a 2020 tax return in 2021 (it will be called the Recovery Rebate Credit on the 2020 Form 1040 or Form 1040-SR).

Other resources:

If you have a direct deposit, the best way to know if your stimulus check has arrived is through an automatic banking alert you set up with you log into virtual branch select self-service, then set an alert for your payment.

KGEFCU Online Banking 

You can also download the KGEFCU app on the app store.

KGEFCU APP Store

Another option is to check the IRS “Get My Payment” tool.

IRS Payment Tool

The IRS advises against contacting your financial institution to ask about payment timing.

 

 

COVID-19 Financial Counseling Program

In partnership with KGEFCU and INPAC Wealth Solutions, the COVID-19 Financial Counseling Program is offered at no cost to Kauai residents during one of the biggest financial crisis of our time. The program is designed to educate, empower, and specifically address the unique challenges Kauai residents are facing in light of the COVID-19 Pandemic.  Education and knowledge is power. We highly encourage all Kauai residents to take advantage of this program and apply the information to help them weather the financial challenges we are facing as a community.

Topics will include:

  • Meeting Immediate Financial Needs
  • Personal Budget Workshops: Budgeting, Debt Management, Investing, Retirement Planning, Risk Management
  • Options to borrow from, roll over, or transfer your retirement plan if you have been affected financially in 2020
  • COVID-19 The Coronavirus Air Relief and Economic Security Act (CARES) updates
  • Coping With Market Volatility
  • Updates and Doing our Best to Get Through This Financially
  • And many more

To get started, please watch the intro webinar here.

Attend the Foundations of Financial Literacy Class here, it is less than 25 min in length and available to take any time.

For more information on INPAC Wealth Solutions, AND to schedule a one-on-one meeting, please contact Delcie@dreamplanlive.com, or call (808) 245-6741.

If you are a County of Kauai Emergency Loan recipient, please click here for your program information. https://kgefcu.evolvecollab.com/emergencyloan/

Kaua‘i Government Employees Federal Credit Union is now a CDFI

What does this mean?

We are one of four Community Development Financial Institutions in Hawaii. We represent a lifeline of federal funding dedicated to restoring and diversifying local economies across 46 states.

Since March, our small credit union has delivered over $11 million dollars in pandemic aid in rent relief, emergency response loans, business boost programs, and start-up investments such as Common Ground.

We’re a credit union of Kaua`i and for Kaua`i, dedicated to serving those who build, teach, protect and care for our island.

For further information on CDFI funding reach out to our Community Development Officer Dana Hazelton via email at dana@kgefcu.evolvecollab.com or call (808) 245-2463

Rent Relief and Housing Assistance Program (RRHAP)

KGEFCU is teaming up with Aloha United Way (AUW) to assist in your rental and housing payments for up to ​THREE ​months. Applications are open now until December 2020.


State of Hawai‘i Rent Relief and Housing Assistance Program

The purpose of the State of Hawaii’s Rent Relief and Housing Assistance Program is to provide assistance to renters who have experienced or are facing a reduction in income because of the disruption caused by the COVID-19 pandemic and are at risk of eviction.


Program Eligibility You can apply if you:

  • Are a full-time Hawaii resident.
  •  Have proof of valid and current tenancy for a primary residence in the State of Hawaii.
  • Are 18 years of age or older.
  • Can demonstrate a loss of income directly resulting from the COVID-19 pandemic.
  • Can demonstrate that your current household income does not exceed 100% Area Median Income, as defined by the Department of Housing and Urban Development (HUD) 2020 Income Limits. (See table here)
  • Are not in HPHA public housing or Section 8 program

To Apply:

The application process is now closed.

*Please choose KGEFCU as your partner agency.


List of required documentation here.

For frequently asked questions and eligibility​ ​click here.


To Contact KGEFCU directly:

Email: ​rent@kgefcu.evolvecollab.com

Phone: 808-482-3777


Flyer for the program is here.

 

Scam of the Week: Exploiting the Coronavirus: A Sneaky Pandemic Relief Scam

A new phishing email—seemingly sent from your local government funding agency—is offering phony relief grants to those in need. What makes this scam especially sneaky is that the bad guys use a Dropbox link to disguise their malicious attachment. Dropbox is a legitimate and commonly-used file sharing service. Therefore, the email security filters that your organization has in place may not consider the link as a red flag–increasing the chances of this email landing in your inbox.

The phishing email urges you to click a Dropbox link so you can download a file that supposedly contains information about your relief grant payment. The link even includes an expiration date for an added sense of urgency. If you click the link, then, download and open the phony file, you’re taken to a look-a-like Microsoft 365 login page. If you enter any information on this page it will be sent directly to the scammers.

Remember these tips:

  • Never click a link or download an attachment from an email that you weren’t expecting. Even if the sender appears to be a legitimate organization, the email address could be spoofed.
  • Be cautious of unexpected deadlines. Scammers often create a sense of urgency to spark impulsive clicks.
  • Get confirmation before clicking a Dropbox link. If you feel the file could be a legitimate resource for your organization, reach out to the sender another way—like by phone—instead of trusting the email.

County of Kauai and KGEFCU Emergency Loan Financial Wellness Program

This program is for the County of Kauai and KGEFCU Emergency Loan participants. Through this program, you will learn to take charge of your finances so that you can repay your loan and build a solid financial foundation for your future.

As a benefit of being a KGEFCU member, we recommend that you take advantage of the one-on-one financial planning services provided by INPAC Wealth Solutions, provided at no cost to you.


To get started, please watch the intro webinar here.

Attend the Foundations of Financial Literacy Class here.


Topics will include:

  • Meeting Immediate Financial Needs
  • Personal Budget Workshops: Budgeting, Debt Management, Investing, Retirement Planning, Risk Management
  • COVID-19 The Coronavirus Virus Aid, Relief, and Economic Security Act (CARES) updates
  • Coping with Market Volatility
  • Updates and Doing our Best to Get Through This Financially
  • And many more

For more information on INPAC Wealth Solutions, or to schedule a one-on-one meeting, please  contact Delcie@dreamplanlive.com

Scam of the Week: Exploiting the Coronavirus: Phony COVID-19 Tracking

Countries around the world are developing COVID-19 tracking applications for mobile devices. These apps use digital tracking to help identify and notify users who have been in contact with someone diagnosed with the virus. Only a handful of countries have released this kind of app to the public, but cybercriminals are already using them as inspiration for scams.

The bad guys are sending phishing emails and smishing attacks (phishing via text messages) claiming that you have been in contact with someone diagnosed with Coronavirus. The message insists that you get tested and it includes a link that supposedly leads to a website where you can sign up for more information. The truth is, the link takes you to a malicious website that is designed to steal any information you enter and deliver it to the bad guys. Don’t be fooled!

Remember these tips:

  • Never click on a link from an email or text message that you weren’t expecting–even if it appears to be from a legitimate organization.
  • Think before you click. The scammers are expecting an impulsive click.
  • Stay up-to-date on local regulations and containment efforts through official government websites and trusted news sources.

Scam of the Week: Exploiting the Coronavirus: From Unemployed to Money Mule

Due to the Coronavirus crisis, unemployment numbers have skyrocketed. As usual, the bad guys are quick to take advantage of these hard times and are sending out phony work-from-home opportunities. Typically, these phishing emails contain grammar mistakes and offer minimal details about the hiring company and the job requirements. But the scammers still manage to grab your attention because the job opportunity includes a great paycheck.

Once accepted, these scammers ease the victim into their new “job”, by asking them to complete basic errands, but eventually, they’re given the task of transferring funds from one account to another. Typically, these are stolen funds and the unsuspecting “employee” is being used as a money mule. Even though these victims are unaware of the crime they are committing, they can still face hefty fines and prison time.

Remember these tips and share them with your friends and family who may be looking for work:

  • Be wary of emails with spelling or grammatical errors.
  • Never trust unusual requests or job offers. If something doesn’t feel right, it probably isn’t.
  • If you feel you have been solicited to be a money mule, contact your local authorities or report the situation to the appropriate federal agency.