The IRS has updated its FAQs on the CARES Act economic impact payments to reflect that the deceased (as well as heirs receiving payments in their name), non-resident aliens and incarcerated individuals are not eligible to receive EIPs and must return them. The obligation to return funds is on the ineligible recipients, not on banks.
Producer prices hold steady in June
The Producer Price Index was unchanged in June from the previous month, the Labor Department reported. The index showed prices increased 2.3% in June from a year before.