We want to help you understand the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the recent stimulus package prepared by the U.S. Congress.
Government Stimulus Stats Update (May 11, 3:00pm EST):
For Tax Filers: The IRS’ “Get My Payment” web portal, which went live April 13, will be closing at noon on Wednesday, May 13. Enter your Cash App account and routing numbers by that time to get paid electronically—instead of waiting weeks or more for a check. After 12pm May 13, the IRS will close the portal and begin issuing paper checks to individuals that did not enter direct deposit info using the IRS tool. These checks will begin arriving through late May into June and be sent to the address the IRS has on file for you. Visit the IRS’ “Get My Payment” tool here.
Cash App customers with account and routing numbers on file with the IRS began to receive stimulus payments from the U.S. Treasury Department on Friday April 10th. If you’re eligible for a stimulus payment and haven’t received it yet, visit the IRS’ “Get My Payment” tool here to view the status or enter your direct deposit info before the cutoff date.
Cash App now offers account and routing numbers that you can use to deposit your stimulus payment directly to your Cash App balance. To find them, tap the Banking tab on the bottom left of your Cash App home screen. If you don’t see them, you can get them by activating your free Cash Card. To order yours, follow these steps.
For Non Tax Filers: The IRS has a second web portal available that lets people who normally don't file taxes register for a government stimulus payment. If you are a U.S. citizen or permanent resident who made less than $12,200 (or $24,400 as a married couple), or otherwise weren’t required to file a federal income tax return in 2019, you can still apply for a stimulus payment by submitting your Cash App account and routing numbers to the IRS here.
Wait, what’s happening?
The U.S. economy is experiencing an unprecedented downturn. There have been others like it, but this one is different.
What is the government doing about it?
The U.S. government is injecting cash into the economy. This is the CARES Act stimulus. These payments are being referred to by the IRS as economic impact payments and over 80% of Americans will receive one.
Do I qualify for a stimulus payment?
If you filed a tax return in 2018 or 2019, then there is a good chance that you qualify.
The government is using past tax data to determine who qualifies—and how much they qualify for. If you declared less than $99,000 of income on your last tax return, or as a married couple declared a combined income of less than $198,000, then you are eligible for a stimulus payment.
If you didn’t file a tax return and made less than $12,200, or were otherwise not required to file in 2018 or 2019, then you probably still qualify. Visit this IRS web portal to find out if you qualify as a non-tax-filer. From there, you can submit your Cash App account and routing numbers to the IRS to receive your stimulus payment. You may also qualify via Social Security or railroad retirement benefits. Learn more here.
How can I get paid?
Your stimulus payment could come in two different forms: a direct deposit to an account and routing number (like the one your Cash App provides) or a paper check.
To make things easier, and to discourage the use of paper checks, the IRS is creating several “web portals” where you can enter your Cash App account and routing numbers in order to receive a direct deposit. One web portal went live for non-tax-filers on April 10th. The non-tax-filer portal can be found here.
An additional portal for people who filed a 2018 or 2019 tax return went live on April 15th. This portal allows filers to add their Cash App account and routing numbers to receive a direct deposit instead of a check, or check the status of a pending stimulus payment, here.
Where can I find my Cash App account and routing numbers?
Tap the Banking tab on the bottom left of your Cash App home screen. These numbers are equivalent to a checking account. If you don’t see them, you can get them by signing up for the free Cash Card, which you can use to save on and offline with Boosts. To order your Cash Card, follow these steps.
How can I track my payment?You can track your stimulus payment on the IRS “Get My Payment” portal. We post the funds as soon as we are notified by the IRS.
How much will I receive?
If you declared less than $75,000 of income on your last tax return, you’ll get $1,200. If you’re married and declared a combined income of less than $150,000, you’ll get another $1,200. If you have kids, well, then an economic recession hits you even harder, so you will also receive $500 for each child claimed as a dependent on your return.
Regardless of your situation, you should expect to be paid in one installment.
What happens if I earned more than $75,000?
If you declared more than $75,000 of income on your last tax return, or as a married couple declared a combined income of more than $150,000, then you will receive $5 less for each $100 earned above either amount.
In other words, if you declared more than $99,000 of income on your last tax return, or as a married couple declared a combined income of more than $198,000, then you aren’t eligible for a stimulus payment.
I’m a college student. Will I receive a stimulus payment?
You are ineligible only if you are a college student that a parent or guardian declared as a dependent in either 2018 or 2019.
Can I deposit the physical check to Cash App?
The ability to deposit checks to Cash App began rolling out to a subset of customers on May 13. This feature will become available to additional customers in the coming weeks.
Will the stimulus payment be taxed?
No. All forms of withholding won’t apply to the stimulus payment unless you owe back child support.
Is this a one-time payment? Will there be another?
Only one stimulus package has been announced by the U.S. government. It is possible that a second or even a third could be issued. We will update this page as soon as we know for sure.
How does the CARES Act affect unemployment benefits?
It’s a simple question without a simple answer. So we created a separate FAQ to help you understand what the CARES Act means to recently unemployed Americans. Learn more.
What if someone offers to speed up my payment?
If something looks too good to be true, it almost always is. Now is a good time to be extra wary of scams. Don’t click on links whose origins you aren’t 100% sure of. Check and recheck the usernames and email addresses of people you engage with online. And don’t send money to someone you don’t know.
Where should I go to learn more?
There are many good resources available online regarding the economic stimulus. The official impact payments website is one of the best.