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The CARES Act was recently signed into law to help Americans fight the fallout due to COVID-19. The Act provides for direct payments to many taxpayers. Most taxpayers need to do nothing, and will automatically receive these payments. Payments will be sent in the same manner you are setup with the IRS to receive any tax refund, either by direct deposit or paper check.
Senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return are eligible to receive an economic impact payment. The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 payments to Social Security recipients who didn't file tax returns in 2018 or 2019.
Recipients will get the payments as a direct deposit or by paper check, just like their regular benefits.
For other people who don't file taxes — including those with no income — the IRS has set up a new website where you can enter your payment information. Follow this link to get started.
You can also visit the IRS website to update your banking information or address, if it has changed since you last filed income taxes. Also, if you normally receive a refund via paper check, you can add a bank account here, so that you can receive any stimulus payment you are due more quickly through direct deposit. You can also check the status of your payment here. Follow this link to get started.
If you expect to receive an economic impact payment via direct deposit into your Coosa Valley Credit Union account, please note that we post all ACH items by the Settlement Date assigned by the sender of the item. If you receive account alerts through online banking, this date will be on the alert. Most ACH items are posted by noon or earlier.
For more information about direct payments, please visit: https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know