The JP UP Date: Bank Of America Supports STL Community Partners

Katie ArnoldThe JP UP date

Number 125                          July 2, 2021                                   St. Louis

Justine PETERSEN Receives Bank of America Grant along with Peer STL Community Partners

Justine PETERSEN is most grateful to Bank of America for their continued support of our efforts to propel the interests of under-resourced small business owners throughout our service footprint.  Recently, Bank of America deployed over $750k to seventeen St. Louis based community partners who have the #PowerTo advance economic mobility and build a stronger workforce.  With this targeted assistance, Justine PETERSEN will serve nearly 1,000 entrepreneurs, expanding opportunity for businesses of color and women-owned businesses. Thank you Bank of America for your dedicated support of Justine PETERSEN’s mission to expand capital access to small businesses most in need.

Justine PETERSEN and City of Peoria Jointly Finance Small Business Reopening

Justine PETERSEN and the City of Peoria recently closed on a tandem lending transaction, the first-ever in our partnership to nurture, foster and grow entrepreneurialism in the Peoria marketplace. Local business 3D With A Twist, located at Northwoods Mall, had been closed during the pandemic due to the significant drop in foot traffic. Reimagining their business model, owners Terry and Madonna Stuff reached out to the City for financing that would allow their business to thrive without tangible foot traffic.  Specializing in an array of three dimensional gifts, the business sought financing to purchase a crystal laser to improve their production turnaround time, upgrade their website to accommodate e-commerce and expand their wholesale sales team. The financing package included a $50,000 loan from the City of Peoria and a $10,000 microloan from Justine PETERSEN.



Child Tax Credit (CTC) Now Available for Families with Children 17 and Younger

This community resource is shared by JP Staffer Daniel Koslovsky.

If you have children 17 years old or younger, than you may start receiving extra money from the federal government in July as part of the Child Tax Credit (CTC), enacted by the stimulus bill passed in March. The new tax credit will make all families that earn $150,000 or less ($112,500 for single parents) eligible to receive

•    $3,600 a year for every child under 6 years old  ($300 a month)
•    $3,000 a year for every child 6-17 years old ($250 a month)

The first half of payments will start being made monthly in July until the end of the year. The second half will be paid when you file your taxes in 2022. If eligible, you will be automatically enrolled if you’ve done any of the following:

•    filed taxes in 2019 or 2020
•    signed up to receive a stimulus check

If you have not done any of those, then you can still enroll by going to Non-Filer Sign-Up tool, setting up an account, and filling out a brief form. Or you can attend an IRS outreach event coming up on July 9th and 10th where volunteers will help you prepare and file the necessary form — more information on the outreach events can be found here. You will need to provide the following information to enroll:

•    Social Security Number for you and your children (or your ITIN if you do not have a Social Security Number)
•    Mailing address
•    Email Address
•    Bank account information if you would like the payments via direct deposit

It is recommended that you access the sign-up tool via a laptop or desktop because its interface is not mobile-friendly.

Two Peas in a Pod (PPP Revisited)

The Honorable Marlene Davis recently held court, and JP staffer Galen Gondolfi was humbled to witness. Representing Ward 19th of the City of St. Louis, Marlene is the steward of the very neighborhood that includes JP’s main office at 1023 N. Grand. Steadfast in her public service, Marlene has been a catalyst in the revitalization efforts afoot “North of Delmar.” Thank YOU Marlene and here’s to the promise of tomorrow’s tomorrow!