Coronavirus - Economic Impact Payments
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As part of the Coronavirus Aid, Relief and Economic Security ("CARES") Act, the U.S. Federal Government began delivering "Economic Impact Payments" to eligible Americans. These direct cash payments to individuals and families are for financial relief during the coronavirus pandemic, and are sometimes referred to as "stimulus checks".
A few things to keep in mind:
- The Internal Revenue Service (IRS) is responsible for the timing, amount and distribution of these payments, and has stated that payments will be sent in waves over the course of multiple weeks into July 2020.
- The IRS will distribute payments using the information that the IRS has on file for each eligible individual or family.
- For most of the recipients, payments will be deposited directly into the same bank account that they have most recently used to receive a tax refund or monthly Social Security payment.
- Others will receive paper checks in the mail, at the address that the IRS has on file for that individual.
- Banks, including First National Bank and Trust, cannot provide personal account or address information to the IRS.
- Direct deposits are posted for open accounts on the effective date set by the Treasury.