The Internal Revenue Service (IRS) began issuing Economic Impact Payments (EIPs) Friday, with around 75 million of them sent via direct deposit to eligible Americans as part of coronavirus disease (COVID-19) pandemic relief efforts. The CUNA/American Association of Credit Union Leagues COVID-19 Response Center has been updated with an “Economic Impact Payments” tab containing the latest information, including the IRS toolkit.
EIPs are based on 2018 and 2019 tax filings. Individuals who did not file for electronic returns for 2018 or 2019 filings will not receive direct deposit payments via ACH. Instead, those qualified individuals will receive payment by check in the mail in the coming weeks.
CUNA’s resources on EIPs includes a one-page information sheet on what credit unions can communicate to their members, including EIP basics, how to register for payments and other information members can use.
It also links to a National Credit Union Foundation blog post on how members can best use the EIPs safely and in a way that benefits their financial health during the pandemic.
Finally, it contains links to the IRS toolkit, which includes digital posters with information consumers need to know, how to file if you haven’t for 2018 and/or 2019, graphics in multiple languages, for Social Security recipients and containing information on scams.