We want to help you understand the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and the Coronavirus Response and Relief Supplemental Appropriations Act, the recent stimulus packages prepared by the U.S. Congress.
Government Stimulus Status Update (December 29, 11pm EST):
The U.S. government sent economic impact payments to eligible individuals affected by Coronavirus in April 2020. Today, the Treasury Department and the Internal Revenue Service began delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021.
Cash App customers with account and routing numbers on file with the IRS began receiving a second set of stimulus payments from the U.S. Treasury Department on December 29th.
Wait, what’s happening?
U.S. Congress has passed two bills to provide relief to those impacted by Coronavirus. A second round of stimulus payments is being sent to Americans.
What is the government doing about it?
The U.S. government is injecting cash into the economy through the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Coronavirus Response and Relief Supplemental Appropriations Act. 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 $75,000 of income on your last tax return, or as a married couple declared a combined income of less than $150,000, then you are eligible for a stimulus payment.
How can I get paid?
Your stimulus payment could come in two different forms: a direct deposit to a routing and account 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 created several “web portals” in April where individuals could enter their Cash App Routing and Account numbers in order to receive a direct deposit.
Those who already have their direct deposit payment information on file with the IRS will be among the first to receive their second stimulus payment, including those who previously registered using the IRS portals this spring.
If you do not have your payment information on file with the IRS, you can expect to receive a paper check in the coming weeks.
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 receive them from the IRS.
How much will I receive?
If you declared less than $75,000 of income on your last tax return, you’ll get $600. If you’re married and declared a combined income of less than $150,000, you’ll get another $600. If you have kids, well, then an economic recession hits you even harder, so you will also receive $600 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 $87,000 of income on your last tax return, or as a married couple declared a combined income of more than $174,000, then you aren’t eligible for this second 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.
Is this a one-time payment? Will there be another?
Two stimulus packages have been announced by the U.S. government. It is possible that a third or even a fourth could be issued. We will update this page as soon as we know for sure.
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.