IRS Begins Distributing Individual Economic Impact Payments

4/14/2020

As part of the CARES Act, the U.S. government has begun sending stimulus relief funds to millions of Americans. The funds are intended to provide a boost to the current struggling economy.

The Northwest Credit Union Association’s Compliance Team provided an updated Compliance Bulletin, answering questions about the economic impact payments. Credit unions can also access a helpful toolkit, provided by the National Credit Union Foundation, to learn how they can help members make sound spending decisions with their newly acquired funds.

Additional resources can be found on the Coronavirus Preparation & Response Resources page, including:
  • Treasury and IRS tool for non-filers to register for economic impact payments
  • Guidance for credit unions accepting federal stimulus checks and payments for deposit
  • Important information on stimulus checks for credit unions
  • Nacha ACH Network rules pandemic-related FAQ
  • IRS page on economic impact payments

Individuals with incomes of up to $75,000, or married couples earning $150,000 annually, are receiving payments of $1,200, with an additional $500 payment per minor child. The payments decrease ratably and stop altogether for single workers making more than $99,000 ($198,000 for married workers and $218,000 for a family of four).

Funds are being issued by the IRS via direct deposit or paper check and are based on 2019 or 2018 tax returns, or on 2019 Social Security statements.

For questions about the CARES Act, please contact David Curtis, NWCUA Director of Compliance Services.

Posted in Public Awareness.