As information regarding the current pandemic and its impact changes frequently, we are sharing resources and recommendations related to the distribution of Stimulus Checks, which may be helpful to you, your family members, or friends.
The U.S. Federal Government began delivering “Economic Impact Payments or stimulus checks” to eligible Americans as part of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act—direct cash payments to individuals and families for financial relief during the coronavirus pandemic.
How do these stimulus checks work?
- The 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 amount of each payment is based on information that the IRS has on file for each eligible individual or family.
- For most recipients, payments will be deposited directly into the same bank account that received the most recent 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.
To determine whether you are eligible to receive a stimulus check you must contact the IRS. These payments are determined and distributed solely by the IRS.
More information is available using these online tools:
- The IRS Economic Impact Payment Information Center page includes details on eligibility, requesting, calculating and receiving payments.
- The IRS Get My Payment page provides status of your payment, payment type (direct deposit or paper check) and how to set up a direct deposit if available.
As always, we are available, should you have any questions.
~With care and concern,
from all of us at Colman Knight
