CFPB: Coronavirus Updates and Economic Impact Payments

April 16, 2020

The majority of Americans will start to see some financial relief in April through economic impact payments being issued by the Internal Revenue Service (IRS). We’ve worked to break down the most common questions about these payments.

A few key things to know:

  • For most people, you won’t have to do anything – the payment will be directly deposited into your bank account or sent to you by check. Be aware, however, that if it’s sent by check, it might take a little longer.
  • Read the blog for details if you are not typically required to file taxes.
  • The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return. Keep in mind that the IRS has extended the deadline for filing your 2019 taxes until July 15, 2020, and you’ll have until the end of 2020 to claim your money.
  • The IRS has a separate online application, “Get My Payment,” which allows you, if you filed your tax return in 2018 or 2019 but did not provide your banking information on your return, to submit direct deposit information so that you can receive payments immediately, as opposed to checks in the mail. “Get My Payment” will also allow you to track the status of your payment

Keep reading our blog for more in-depth answers

The latest from the CFPB

We will continue to post new information as the situation evolves. We encourage you to share these resources with your friends, family, and others in your networks.