Federal Resources for Quicker Financial Relief
The Treasury Department is delivering the second round of Economic Impact Payments to millions of Americans. There is no action required by eligible individuals to receive this second payment.
As with the first round of payments in 2020, most recipients will receive these payments by direct deposit. For Social Security and other beneficiaries who received the first round of payments via Direct Express, they will receive this second payment the same way.
Anyone who received the first round of payments in 2020 but doesn’t receive a payment via direct deposit will generally receive a check or, in some instances, a debit card. For those in this category, the payments will conclude in January. If additional legislation is enacted to provide for an additional amount, the Economic Impact Payments that have been issued will be topped up as quickly as possible.
Eligible individuals who did not receive an Economic Impact Payment -- either the first or the second payment – will be able to claim it when they file their 2020 taxes in 2021. The IRS urges taxpayers who didn’t receive a payment this year to review the eligibility criteria when they file their 2020 taxes; many people, including recent college graduates, may be eligible to claim it. People will see the Economic Impact Payments (EIP) referred to as the Recovery Rebate Credit (RRC) on Form 1040 or Form 1040-SR since the EIPs are an advance payment of the RRC.
For more information please see:
- IRS press release issued on December 29, 2020
- Questions and Answers About the Economic Impact Payment
- IRS website for tracking the status of your EIP Payments: Get My Payment
For more information on all federal government activities related to COVID-19 response, please visit USA.GOV/Coronavirus.
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