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What the CARES Act means for you – and how Commerce Bank can help

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. The $2 trillion coronavirus economic stimulus bill is aimed at providing relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak.

Here’s a quick summary of benefits of the CARES Act and how Commerce can help individuals get assistance from this relief program. Visit our coronavirus response page for more information on how we're helping our customers and team members.

What this means for individuals:

How Commerce can help:

One-time tax rebate checks:

• $1,200 per individual, $2,400 for joint filers and $500 per child.
• The full rebate amount is available for those with incomes at or below $75,000 for individuals, $112,500 for head of household and $150,000 for married couples.
• Direct deposit to your Commerce Bank account (if you have established this for direct deposit of tax refunds or Social Security benefits.)
Mobile Banking deposit
ATM deposit
Drive-thru deposit

Retirement savings access assistance:

• The federal government is waiving certain penalties and making other accommodations for those who need to access retirement savings early.
• Commerce Bank customers can call us at 833-518-3458 to discuss your current retirement savings accounts and learn more about your options. You may experience an extended wait time due to high call volume. Your patience is appreciated.

Relief for Federal Student Loan Borrowers:

• Student Loan Assistance – Interest is waived and all payments for federally held student loans (specifically, Direct Loans and FFEL Program Loan) are deferred through September 30, 2020.
• Contact your federal student loan servicer to discuss eligibility and options.
• Log In to to find your federal student loans and loan servicer(s).
• Still have questions? Call our Student Lending team at 800-666-3910 or

Relief for Homeowners:

• Mortgage lenders and servicers will be allowed to provide a forbearance of up to 180 days on federally-backed loans for customers experiencing hardship related to the COVID-19 emergency. (Not every mortgage qualifies, please contact us for further details).
• Commerce Bank Mortgage is working with customers on payment plans and temporary forbearance options.
• Contact our Mortgage Servicing Team at 800-821-0083 or

Expanded Unemployment Assistance:

• Eligibility expanded to include individuals not normally eligible for State or Federal unemployment, individuals directly affected by COVID-19, and self-employed, independent contractors / gig economy workers, nonprofit employees and others
• Amount increased by $600 weekly
• Duration extended an additional 13 weeks beyond the existing 26-week maximum
• Contact your state unemployment office directly.
• More information can be found on the U.S. Department of Labor website
• If you are a Commerce Bank customer facing financial hardship due to the impact of the COVID-19 pandemic, please call us at 833-518-3458 to discuss your current accounts. You may experience an extended wait time due to high call volume. Your patience is appreciated.

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