As soon as the middle of April, most Americans will receive a payment
of $1,200 per individual, $2,400 per couple, and $500 per child
directly to their bank account via direct deposit thanks to the
Coronavirus Aid, Relief and Economic Security (CARES) Act. As with any
new program, there has been some confusion about how it will work, and I
wanted to share some details for clarification.
You may have heard conflicting information about whether seniors are eligible for these payments. Seniors on Social Security ARE eligible for this payment. As long as your income does not exceed $99,000 for individuals or $198,000 for married couples, you can receive a payment.
Additionally, if you are on Social Security and you have not filed taxes recently, you DO NOT need to file anything with the IRS to get your payment. The IRS will use the information from the SSA-1099 or RRB-1099 forms to generate your payment.
The IRS plans to send these payments by direct deposit. If you don’t have your banking information on file with the IRS don’t worry! They will also be sending out some checks or debit cards, although these will take longer to arrive. The Treasury Department is also planning to develop a web-based portal for you to provide your banking information should you wish to receive the payment via direct deposit instead of via mail.
Unfortunately, the number of scammers taking advantage of the COVID-19 crisis has seen an uptick. The Treasury Department will NOT ask you to pay anything for this payment and will not contact you for your bank account information. If you are contacted by someone claiming to be from the government asking for this type of information you can report it to www.ftc.gov/complaint. You can learn more about how to protect yourself from these type of scams here.
I will continue to provide information about these payments as it becomes available. For additional information about the economic impact payment you can visit the IRS website here. To stay up to date on the latest regarding the COVID-19 outbreak click here, and be sure to sign up for my e-newsletter here where I am providing frequent updates on our response efforts as well. It is an honor to represent you in the U.S. Congress.
Oregon’s Second District