With consumers in the economic driver’s seat, here’s a look at several key indicators of the hit they’ve taken during the coronavirus pandemic.
Browsing: Economic impact payments
A total of 130 million Americans received economic impact payments totaling more than $200 billion within the first four weeks of the program, according to updated data released by the IRS today.
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.
More than three out of four respondents said the economic impact payments included in the CARES Act would either temporarily or significantly support them financially for the next one to two months. Over half have used their EIP funds to purchase necessities, pay down debt or pay rent or a mortgage.
A total of 88 million Americans received economic impact payments totaling $158 billion within the first three weeks of the program, the IRS reported today.
As the Treasury Department prepares to issue paper checks to economic impact payment recipients, the U.S. Secret Service released a notice for consumers, retailers and financial institutions with tips for identifying a legitimate, government-issued check.
The American Bankers Association today joined a broad coalition of financial trade and consumer organizations in a letter to congressional leaders urging them to exempt the CARES Act economic impact payments from garnishment orders.
In a letter to Sens. Sherrod Brown (D-Ohio) and Elizabeth Warren (D-Mass.) today, ABA and three financial services trade organizations emphasized that the industry’s “highest priority is to ensure that economic impact payments reach Americans’ wallets quickly.”
Congress should protect CARES Act economic impact payments from being garnished to pay creditors, ABA and several other financial groups said today.
As previously reported, the Internal Revenue Service today launched a second online tool that enables consumers who have previously filed a tax return to check the status of their economic impact payment.