To All Our Valued Clients,
We want to extend our thoughts and best wishes to all of you to remain healthy and safe during this pandemic. To those who have been affected either by the health or financial effects of the crisis, you are in our thoughts and prayers. We look forward to better days as this crisis will pass as others have because Americans are courageous and resilient. In these times we must rely on each other even as we are forced to distance ourselves physically. Technology has allowed us to stay in close contact with all of you as well as with our family & friends and we encourage everyone to reach out to those who may be feeling isolated and alone, in safe ways, to help them feel more connected.
As you know, Garden State Trust Company is closely monitoring the rapidly evolving situation with COVID-19. In an effort to keep you informed during this difficult time we are passing along timely information to help you make sense of the large amounts of information coming at the public from various sources.
We also want to stress that you should look to obtain accurate information from trusted sources and to question alarming stories from non-official websites and social media.
In the interest of clarity, we broke out vital information by category.
We have compiled trusted websites that you can visit to find answers to your questions and concerns:
As of this morning, the US Senate is close to a vote on a massive 2 Trillion Dollar Stimulus package to help stabilize the US economy, US Healthcare System and American Citizens. Once it is passed in the Senate, the bill will go back to the House for a vote on the amended bill. Following that vote it will go to President Trump for him to sign. The hope is that the time frame on getting this into law will be short so the money can begin to get to those that need it.
Sources say that it includes billions of dollars in loans to small businesses and large corporations with restrictions on how that money can be used including protections for workers by ensuring their employment and preventing stock buybacks and bonuses to CEOs and management.
According to Bloomberg Business, "For individuals the package provides direct payments to lower- and middle-income Americans of $1,200 for each adult, as well as $500 for each child. Unemployment insurance would be extended to four months, the benefits would be bolstered by $600 weekly and eligibility would be expanded to cover more workers.
The bill provides a tax credit for companies who retain employees even if they've been mandated to close or seen a significant drop-off in business. Student loan borrowers who get assistance from their employers on paying those back don't have to pay income tax on the aid."
For more information on what is in the bill visit these links:
Also, as you may have heard, the government extended its tax filing as well as tax payment deadlines to July 15th. Although the Federal deadline has been extended to July 15, NJ has not yet extended its tax filing deadline. It is expected the Governor will extend the filing deadline for NJ to June 30 but as of this writing that has not been signed. Regardless of the extensions, you are urged to file your taxes as soon as you are able.
Here is a link to an IRS Q & A which is very comprehensive in terms of how it affects filing rules and eligibility as well as IRAs and 401ks.
We will continue to bring you information on the crisis and its ongoing effects on the economy.
As a reminder, please be aware that we are monitoring our voice mail and email daily. If you cannot reach us through email please leave a voice message on our phone system and it will be returned as soon as possible.
We invite you to also visit the Garden State Trust Company website at
for updates as we continue to work for our clients by monitoring the markets and their portfolios during this time.
At Garden State Trust Company our relationship with our clients is of utmost importance to us. We stand ready to assist our clients as we always have by continuing to provide the highest level of service during this difficult time.
Please do not hesitate to contact us directly if you have any questions or concerns.
1 (888) 323-5535