The American Rescue Plan, to provide additional relief to consumers and businesses impacted by the Coronavirus (COVID-19) pandemic, has been signed into law. Like the previous bills, passed in the spring and latter part of 2020, this legislation will provide direct payments to many Americans.
Although the specific timing of the direct payments has not yet been determined, it is possible that some payments may be received as early as this weekend.
What are the current amounts of the direct payments?
The American Rescue Plan includes direct payments as follows:
• $1,400 per adult and $1,400 per dependent for individual filers with adjusted gross income of up to $75,000
•$1,400 per adult and $1,400 per dependent for heads of household with adjusted gross income of up to $112,500
•$1,400 per adult and $1,400 per dependent for married couples filing jointly with adjusted gross income of up to $150,000
• Individual filers earning more than $75,000 but less than $80,000, heads of household earning more than $112,500 but less than $120,000, and joint filers earning more than $150,000 but less than $160,000 will receive lower payments
Individuals with $80,000 or more in adjusted gross income, heads of household earning $120,000 or more, and married couples who file jointly earning $160,000 or more will not receive a payment.
Payment amounts are calculated through information from your 2020 tax filing. For those who haven't filed their 2020 taxes, the government will use 2019 records.
How will I receive my funds?
If you already have direct payment information on file with the IRS (typically set up for direct deposit of tax refunds or Social Security benefits), you will likely receive your payment electronically.
Why does the payment appear as "pending" in my account?
The Credit Union may receive advance notification of incoming deposits a few days before the deposits are scheduled to post to our members' accounts. When this occurs, the amount of the deposit will show as "pending" in your account, and will remain as such until the date the funds are scheduled to be credited to your account. The scheduled date is determined by the entity that sent the funds, in this case, the Federal government. "Pending" deposits generally show in accounts three to five business days before they are scheduled to post.
For more information please visit the IRS's Coronavirus Tax Relief website
If you have any questions, and/or you've been impacted by Coronavirus (COVID-19) and need our support, please contact us.
Over the next few weeks, we anticipate a higher-than-normal call and eMessage/chat volume that may result in longer wait or response times.