To provide financial relief during the pandemic, the federal government is offering Economic Impact Payments to U.S. residents. The information below provides a broad overview of the guidelines.
Important: the IRS will not contact you for your banking or personal information for your Economic Impact Payment. If someone does, it is a scam. Per the IRS, payments will begin April 15, 2020. For your security, rely only on IRS.gov/Coronavirus for EIP information.
What You Need to Know about EIPs
$1,200* for individuals
Eligible individuals with adjusted gross income up to $75,000 will automatically receive the full $1,200 payment.
$2,400* for married couples
Eligible married couples filing a joint return with adjusted gross income up to $150,000 will automatically receive the full $2,400 payment.
$500* per child
Parents also get $500 for each eligible child under 17.
Most taxpayers, seniors and retirees don't need to take any extra steps to receive a payment. The IRS will use information from a taxpayer's 2019 tax return if they've filed it, or their 2018 tax return if they haven't.
To set up Direct Deposit, you'll need your full account number and Ent's routing number. Your account number is on the bottom of a check or available to you by signing into your account within online or mobile banking. Click HERE for Ent's routing number and full instructions.
For some people, EIPs will be available in accounts on April 15 when the rollout begins. This date is based, in part, on whether you filed for electronic returns in 2018 or 2019. If you did not file for electronic returns, you can register for electronic payment on the IRS website.
If the IRS does not have your deposit information, you will receive a mailed check in the coming weeks.
You can use the IRS portal to register your direct deposit account.
The quickest way to see if your EIP has been made is by checking your account via online/mobile banking. While we can tell you if an ACH deposit was made to your account, we don't have access to other EIP information.
The CARES Act codes EIP as a tax rebate, not a government benefit. Because tax rebates are subject to garnishment, so is your EIP. The financial industry has no control over this classification.