After the passing of the CARES Act, Americans have been anxiously awaiting payments from various Federal government relief programs. Specifically, many of our clients have asked us questions about what to expect from the federal Economic Impact Payments:
Will I qualify for a payment?
How much will I get?
Will I receive a check? Or direct deposit?
What if my banking information is different?
The IRS has now published some resources on their website that can provide some clarity for all of us looking for guidance at this time. In the following link, there are two sections for “Filers” and “Non-Filers”. They are simply referring to those that file taxes, and those that do not.
https://www.irs.gov/coronavirus/economic-impact-payments
The information on that page can be used to confirm or change your bank information, along with checking your eligibility or your payment status. You will need some of your tax information in order to verify your identity and properly check the status of your relief payments. Please note, these payments are only applicable for individuals regarding the Coronavirus Economic Impact Payments. For small-business owners that have applied for the other programs such as the Paycheck Protection Program, Emergency Economic Injury Grants, etc. please refer to our recent post regarding the small business provisions of the CARES Act: Small Business Provisions of the CARES Act
For questions or guidance, please feel free to contact our office.