As you may be aware, the first round of Economic Impact Payments are being distributed by the Federal Government. These impact payments are part of a financial relief effort outlined in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. These payments are also referred to as stimulus payments. As a result many Americans are eligible to receive an Economic Impact Payment (EIP) to help cover living expenses during this challenging time. The IRS has a very robust library of information on what you need to know about your Economic Impact Payment including eligibility requirements, what actions you may need to take and tips to avoid scams related to economic payments, COVID-19.
How will I receive my payment?
If you’re eligible to receive an Economic Impact Payment, members may see a payment via direct deposit as early as this week. If you are not signed up to receive payments via direct deposit, than you will receive a paper check in the mail. At this time, paper checks are not expected to be sent until sometime in May. Please visit the IRS website for more details. In an effort to reduce wait times with the high number of incoming calls we encourage you to utilize PFCU online banking, mobile app or phone banking (Dial: 800-647-5829) to review your account.
What to do with your payments?
If you receive a stimulus check, we encourage you review your financial situation and determine what options may be the best ways to spend that money. Maybe you need the money to pay bills immediately. Maybe you can use it to start an emergency fund or replenish the one you already have. Maybe you can support a local small business or charity. No matter what you decide PFCU is here to help with financial coaches, financial calculators and much more. Learn more.
Does someone who died quality for the Payment.
No. A Payment made to someone who died before receipt of the Payment should be returned to the IRS by following the instructions in the Q&A about repayments. Return the entire Payment unless the Payment was made to joint filers and one spouse had not died before receipt of the Payment, in which case, you only need to return the portion of the Payment made on account of the decedent. This amount will be $1,200 unless adjusted gross income exceeded $150,000. Courtesy of IRS.gov FAQ
Here are some additional resources that may help you answer questions surrounding the Economic Impact Payments:
See if you qualify for a 2020 Economic Impact Payment and how much you can expect
Economic Impact Payment Resource Center