The Treasury Department and the IRS began issuing direct deposit Economic Impact Payments (EIP) Wednesday, April 15. West Virginia banks are working around the clock to assist borrowers applying for the US Treasury and Small Business Association’s Paycheck Protection Program and are prepared to assist customers to get access to their economic impact payments quickly, securely and safely.
The American Bankers Association (ABA) has been working with the US Treasury and IRS to maximize the use of electronic disbursement methods when issuing payments rather than issuing paper checks - urging paper checks would slow the speed at which economic assistance could be provided, and may also force those without a bank account or with limited access to banking services to turn to high-fee check cashers or other lenders to access money, thereby potentially resulting in more frequent incidences of fraud or other financial crimes. ABA has created an Economic Impact Payment FAQs to help guide consumers through the process.
Most people will not need to take action to receive their part of the stimulus payments. For those who have yet to file a 2018 or 2019 tax return, there is still time to file. For others, who are not required to file taxes, the Treasury online tool allows non-filers to register quickly. In addition, the IRS is in the process of releasing a “Get My Payment” web app that will allow those who have filed 2018 or 2019 taxes but do not have their direct deposit information on file, to add their bank information so the payment can be deposited. The app will also allow taxpayers to track the status of their payment. For the most up-to-date information, visit IRS.gov/coronavirus.
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