Economic Impact Payments

As many of you are aware, a second round of Economic Impact Payments are now beginning to process. Below are some frequent questions and links to assist you with answers.  

Who is eligible to receive a second Economic Impact Payment?

If you have already filed a tax return for 2019 and had a direct deposit, the IRS will use that same account information (routing number and account number) to disperse your EIP or any updated information provided to them during the first round of payments. To see if you are eligible for an Economic Impact Payment please visit the IRS website. All electronic ACH payments were disbursed to banks for posting on 1/4/2021.

If you receive Social Security retirement, disability, survivor benefits or Railroad Retirement benefits, then the US Treasury will use the routing and account numbers already on file to disburse your EIP.

What do I do if I don’t get my second (or first) Economic Impact Payment?

If your direct deposit is returned by your financial institution due to incorrect account information, the Treasury will mail a physical check. It could take up to 14 days to process the re-issued payment via check. 

If you don’t have your second (or first) EIP payment before the end of January, or if you received an incorrect amount, you are not able to update information on the IRS website this round because all the electronic payments have already been processed. Customers will need to report the lack of receiving the funds on their 2020 tax filings as they may qualify for a Recovery Rebate Credit. 

To track or access Get My Payment, each consumer must research here to verify the status of the payment. It requires the consumer to enter previous tax return information. 

When will these payments come?

Direct Deposits – ACH:  $113 Million ACH payments were sent out on 12/30/2020 with an effective posting date to all consumers by January 4, 2021.

Physical Checks: The first batch of checks were mailed on 12/30/2020.  The Treasury is mailing out checks as they are printed daily, except on 1/1/2021.  They estimate $7 million checks to be mailed each week. 

Disbursement Cards: Consumers that already have a card will have the funds loaded on 1/4/2021.

The Treasury stated all payments should be completed by January 24, 2021.  

What will happen if Congress passes the $2000 per individual amount after receiving the $600?

The Treasury will wait until the laws are finalized and then follow the timing to “top off” or offset the additional amounts should the amount be adjusted for the second round.  The Treasury took immediate action to process the $600 in an effort to get funds to consumers as quickly as possible.

Additional Resources and Information:

Website for Non-filers, checking your payment status and updating your payment type:
https://www.irs.gov/coronavirus/economic-impact-payments
https://www.irs.gov/coronavirus/get-my-payment

Economic Impact Payment Information Center:
https://www.irs.gov/coronavirus/economic-impact-payment-information-center

Treasury Press Release: 
https://home.treasury.gov/news/press-releases/sm1224

IRS Press Release: 
https://www.irs.gov/newsroom/treasury-and-irs-begin-delivering-second-round-of-economic-impact-payments-to-millions-of-americans