Coronavirus updates from the CFPB: Economic impact payments

A guide to COVID-19 economic stimulus relief

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.

Keep reading our blog for more in-depth answers

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