Additional funding for PPP loans is now available from the SBA . We continue to accept and process applications for submittal to the SBA. If you are interested in applying for a PPP loan, you can learn more and apply here.
We expect to re-open all lobbies on Monday, June 8 and will be so happy to see you again. We will be practicing CDC guidance including wearing masks and social distancing. We encourage making appointments if you need to see a bank associate. Our drive-thrus continue to be available during normal business hours.
Funding for PPP loans is still available from the SBA and we continue to accept and process applications. If you are interested in applying, you can learn more and APPLY HERE.
Your employees are likely concerned about the rising health care costs and future uncertainty. You can help them by partnering with First Bank and Trust to offer an HSA. An HSA allows your employees to address future expenses while removing some of the stress of paying for medical care. HSAs build savings at a competitive rate while providing easy access to money whenever it's needed. Contributions you and your employee make are excluded from income tax, as well, and any interest earned is tax-free when used for qualified medical expenses.
Business owners like you in Louisiana, Mississippi and Florida can add this HSA option to expand your benefits packages with additional employee options. Deposits can be made through payroll deductions, by speaking with a banker or by transferring money. We'll help your employees prepare for the future. For more information, read through our frequently asked questions.
HSAs are available to individuals covered by a High-Deductible Health Plan (HDHP) regardless of whether they are self-employed or employed by an employer, and regardless of whether their employer maintains the HDHP.
You are an eligible individual for any month if you:
An employer may offer HSAs through a cafeteria plan. Employer contributions to an HSA reduce what an individual can contribute, but they do not eliminate an individual’s ability to contribute.
HSAs can provide significant tax benefits. Not only can they provide tax benefits related to paying qualified medical expenses, they may also serve as additional income for retirement.
Non-qualified uses of HSA assets are subject to taxes and a 20% penalty unless the HSA owner is age 65 or older, dies, or is disabled.
An HDHP is an insurance policy that meets certain dollar limits as shown in the table below. If the plan does not meet both the deducible and out-of-pocket expense restrictions, it is not considered an HDHP.
For HSA assets to retain their tax-free status, they must be withdrawn and used for certain qualified medical expenses. Qualified medical expenses are generally expenses that qualify for the medical and dental income tax deductions as defined in IRS Publication 502. Expenses paid with HSA assets cannot also be claimed as a deduction on your income taxes. Here are some examples:
Sole proprietors and others who are self-employed can have an HSA and are, in fact, often ideal candidates for an HSA. HSAs are often advantageous for self-employed individuals because:
The total amount you or your employer may contribute to an HSA is dependent upon whether you have individual or family coverage under an HDHP as shown in the table below. The contribution limit is dependent on the annual statutory limit set by the Treasury.
In addition to the standard HSA contribution limit, if you have attained age 55 before the close of a taxable year, you may also contribute an additional amount known as a “catch-up” contribution, as shown in the table below.
HSAs require the following government reporting:
*Maximum Catch-up applies to those 55 or older.
First Bank and Trust is not responsible for accuracy, security, content, or services offered by other websites; we encourage you to view privacy & security disclosures of all websites you visit as they may be different than those of First Bank and Trust.