Economic Impact Payments
On Sunday, December 27, 2020, the President signed a second Coronavirus relief package, which includes a new round of Economic Impact Payments (EIP). We believe the process for these payments and their distribution will be similar to earlier this year.
All EIP stimulus payments are expected to be sent from the U.S. Department of the Treasury over the next 28 days. We have received notification from the Treasury that the first batch of Electronic Payments (ACH) to OMB account holders will be received on January 4, 2021. For more information and to check on the status of your payment with the IRS go to: https://www.irs.gov/coronavirus/get-my-payment.
The previous stimulus payments were sent in order covering five different groups, and we believe the same order will follow:
- Direct Deposit Recipients
- Social Security Beneficiaries
- Paper Check Recipients
- EIP Card Recipients
- More Complex Situations
How much will my EIP payment be this time? Payments are calculated from your 2019 filed adjusted gross income with the maximum payment being $600 for individuals and $600 for each qualified dependent.
Cashing EIP Checks: For OMB customers, we will process EIP payments just like any other check. OMB customers may deposit or cash their item with the proper endorsement and identification.
NOTE: The IRS is screening for deceased taxpayers, however, deceased taxpayers who were alive on Jan 1, 2020 are eligible for the payment.