Family looking out the window at home

CARES Act Information

Understanding who receives an Economic Impact Payment, when, and how to get it


The CARES Act is a $2 Trillion economic relief package to provide assistance to American consumers and businesses struggling during the coronavirus pandemic crisis. Our small business customers that qualify can apply for the Paycheck Protection Program (PPP) to help pay for overhead expenses and working capital needs.
For individuals, Economic Impact Payments coming directly from the Treasury Department, are meant to help with expenses and to stimulate the economy. Some may see payments hit their accounts through direct deposit starting as early as April 13, 2020. For others, however, it may take longer.

Who receives Economic Impact Payments and how much?

In general, single adults with an adjusted gross income of $75,000 or less will get $1,200. Married couples earning a combined adjusted gross income of $150,000 or less will receive a total of $2,400. Individual and married taxpayers earning over $75,000 and $150,000 respectively will get reduced payments with full phase-outs at $99,000 and $198,000. There are additional $500 payments for dependent children.

When will payments be received?

Those who filed taxes in 2018 or 2019 could receive Economic Impact Payments as early as April 13, 2020 via electronic direct deposit or a check payment sent in the mail (which could take weeks or months). Use the Get My Payment application to: 
  • Check your payment status
  • Confirm your payment type: direct deposit or check
  • Enter your bank account information for direct deposit if we don't have  your direct deposit information and we haven't sent your payment yet
Need to update your information with the IRS? 
Direct DepositUse the Get My Payment application to update your bank account information with the IRS, if you have not yet set up direct deposit to receive tax refunds. 
Check payment: If you moved since you last filed, update the IRS with your current address. 
Those who don't file taxes may still be eligible for an Economic Impact Payment. You may be eligible if: 
  • You did not file a 2018 or 2019 federal income tax return because your gross income was under $12,200 ($24,400 for married couples). This includes people who had no income. Or
  • You weren’t required to file a 2018 or 2019 federal income tax return for other reasons

If you receive these benefits, the IRS already has your information and you will receive $1,200. Do not use this application if you receive:

  • Social Security retirement, disability (SSDI), or survivor benefits
  • Railroad Retirement and Survivor Benefits
Special Note: People in these groups who have qualifying children under age 17 can use this application to claim the $500 payment per child.
To apply for the Economic Impact Payment as a non-filer, visit the IRS website and enter your payment information. 

Avoid scams related to Economic Impact Payments

The IRS urges taxpayers to be on the lookout for scam artists trying to use the economic impact payments as cover for schemes to steal personal information and money. Remember, the IRS will not call, text you, email you or contact you on social media asking for personal or bank account information – even related to the Economic Impact Payments. Also, watch out for emails with attachments or links claiming to have special information about economic impact payments or refunds.

Visit our blog page for financial education, savings tips, and more.