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COVID-19 Resources: Economic Impact Payments

For latest information from the IRS, please see here. 

 

On March 27, 2020 the CARES Act, first passed by the U.S. House of Representatives, was signed into law. As a result of this legislation, most Americans received an immediate cash payment deposited into their bank accounts to assist them during the COVID-19 pandemic.   

Late 2020, the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 was passed and signed into law. This relief package authorized a second round of direct payments to most Americans.  

 

In March 2021 the third round of direct payments were approved.

 

 

 

What happens if I am eligible and still have yet to receive a payment from the first or second round of direct payments? 

If you are qualified and did not receive your first round of direct payments, you are  eligible to claim a Recovery Rebate Credit when you file your 2020 federal tax return. 

   

How will payments be delivered? What do I do if I have not received my payment? 

 Most individuals who will automatically receive direct deposits have already received their payments. If you have not received your payment, visit here to check your payment status. 

 

What are “Economic Impact Cards”? 

Some economic impact payments that are not being delivered via direct deposit are being delivered in the form of Economic Impact Cards. These cards are prepaid debit cards, which can be used anywhere Visa debit cards are accepted and can be used to withdraw cash. Additionally, recipients may transfer funds from the cards to their bank accounts. 

The method of delivery and appearance of Economic Impact Cards (EIP Cards) has led many households to question their validity, or to unknowingly discard them upon receipt. Unfortunately, Economic Impact cards are mailed in envelopes that are not identified as coming from the IRS, Department of Treasury, or any other government agency. Envelopes containing Economic Impact Cards are delivered in white envelopes from Money Network Cardholder Services. 

If you have accidently discarded your Economic Impact Payment Card, you can request a replacement on the official servicing website. 

For more information on how to use and manage an Economic Impact Payment Card, visit https://www.eipcard.com/. This is a legitimate website run by Money Network Financial, a private company contracted by the IRS to manage Economic Impact Payment Cards. Services can also be accessed at 1-800-240-8100. 

I am extremely disappointed with the IRS’s rollout of the EIP Cards, and I support efforts by the House Ways and Means Oversight Subcommittee  to get clarity on the program.  

 

What if I discarded or destroyed my EIP Card? 

If your Card is discarded or destroyed, it is important that you call Customer Service at 1.800.240.8100 (TTY: 1.800.241.9100) immediately and select the “Lost/Stolen” option. 

Your Card will be deactivated to prevent anyone from using it and a new replacement Card will be ordered. Your first reissued Card will be free, thereafter a $7.50 fee will be applied for each additional reissued Card. Please refer to the material in your Welcome Packet or see your Cardholder Agreement online at EIPCard.com for more information. 

 

 

When will I receive my payment?  

Most automatic direct deposit payments have already been delivered. If you have not received payment yet, you can visit this IRS website to see the status of your payment and potentially provide information to receive your payment via direct deposit.  You can also contact Rep. Larson’s office for assistance by sending and email here or calling 860-278-8888. 

Distribution of physical checks or Economic Impact Cards by mail is ongoing. 

 

How do I request a Payment Trace on my Economic Impact Payment?  

If your payment was issued by direct deposit, your first step is to check with your bank and make sure they didn’t receive a deposit. 

You should request a trace on your Payment if you received Notice 1444 or Get My Payment shows your payment was issued on a specific date, but you have not received it and it has been more than: 

  • 5 days since the scheduled deposit date 

  • 4 weeks since it was mailed by check to a standard address 

  • 6 weeks since it was mailed, and you have a forwarding address on file with the local post office 

  • 9 weeks since it was mailed, and you have a foreign address 

Do not request a Payment trace to determine if you were eligible for a payment, the amount of payment you should have received, or you have not received a Notice 1444 or a payment date from Get My Payment. 

For more information visit the IRS website here.    

 

What happens if I have had a loss of income since my last tax returns and am now in the range for payment?  

You will be eligible for this credit when you submit your 2020 tax returns.  

 

Will I have to pay taxes on these payments?  

No, they are considered tax refunds and are not subject to tax.  

 

I was contacted about claiming money from the government as part of Coronavirus relief. Is this real?  

At this time, no government agency, including the IRS, has done outreach to request information related to the program. Do not give personal information to anyone contacting you claiming otherwise. You can learn more about scams related to the economic stimulus payments or other IRS-related coronavirus scams here. You can report potential coronavirus scams to the Treasury Inspector General for Tax Administration at: tips.tigta.gov.