The Coronavirus Aid, Relief, and Economic Security Act, more commonly known as the CARES Act, was passed in congress in late March in an effort to stimulate the economy during the Coronavirus pandemic.
As part of the $2 trillion stimulus plan, many Americans are able to qualify for a direct payment that is meant to help alleviate financial hardship. No action is needed in order to receive the stimulus check if you qualify.
However, if you have not filed your taxes with the IRS — either in 2018 or in 2019 — you will need to set up direct deposit in order to receive your payment as soon as possible.
In order to facilitate the distribution of payments, the IRS has made it easy to enter your payment information directly on the IRS website in order to set up direct deposit and receive your stimulus package as soon as possible.
You should use this application 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.
- 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.
If you receive social security, retirement, disability or survivor benefits, you are already in the system and do not need to input your information.
To input your payment information for direct deposit, use the application on the IRS website here!