Maximizing Your Economic Impact Payment
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Economic Impact Payments are part of the CARES Act and designed to help stimulate the economy and could help you combat the economic effects of the COVID-19 pandemic. If you're one of millions of Americans scheduled to receive payment, there is some important information you should know.


Payment Eligibility & Status

As part of the recent CARES Act, many Americans will receive Economic Impact payments, based on information from taxes filed in 2018 and 2019. Review the typical eligibility guidelines and visit irs.gov/coronavirus to check your economic impact payment eligibility and status.


What's the best way to spend your payment?

Everybody's situation is different right now. Depending on your situation, you might use your Economic Impact Payment for priority expenses, emergency savings, or debt reduction.


Additional Resources & Information

Here are some important things to consider, and resources to help you.

•Most people won’t need to take any action – in most cases payments will automatically be deposited using information from taxes filed in 2018 and 2019.

•There is no early payment option – visit irs.gov/coronavirus to for eligibility and payment status.

•You can still receive payment even if you don’t typically file a tax return – payments will automatically generated using information from the SSA-1099 or RRB-1099, for eligible recipients.

•Payments will be available throughout the rest of 2020 – if you have a tax obligation but haven’t filed your return for 2018 or 2019, you can still receive payment when you file.

•Payments will not be subject to garnishment for defaulted student loans or tax debt – however, they may be subject to state or local government garnishments, court-ordered garnishments, or if you’re behind on your child support.

•Visit consumerfinance.gov for a comprehensive COVID-19 Economic Stimulus Relief guide.

•Visit moneymanagement.org/coronavirus for updates and information to help manage your personal finances.