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Updates on Economic Impact Payments

by Jennifer Hinterscher | Apr 17, 2020

UPDATE: As of May 1, the U.S. Department of Treasury updated details regarding Economic Impact Payments.

Some valid Treasury economic impact payment checks will display check symbol 45001 in the MICR line instead of displaying 40381 or 40414 as mentioned in the April 20, 2020 notice.  Note that check symbols 40381, 40414, and 45001 may be displayed on economic impact payments checks as well as certain non-economic impact payment checks. 


The April 20, 2020 notice also indicated that the U.S. Department of the Treasury’s Bureau of the Fiscal Service (Fiscal Service) generally anticipates Friday pay dates for each weekly batch of checks.  Non-Friday pay dates will also occur.  ACH payments generally have a pay date of the Wednesday after the payment is transmitted, but in some cases will be transmitted throughout the week with non-Wednesday pay dates.  


The first round of Economic Impact Payments, or Stimulus Checks, related to the COVID-19 pandemic went out April 15. These payments were sent via the same method that taxpayers received their most recent tax refunds. For example, if you filed 2018 taxes electronically and had your refund direct deposited into a checking account, that is how you'll receive your stimulus check. If you've already filed your 2019 taxes, you'll receive your stimulus check by the method you selected to receive your 2019 refund. Note that if you typically receive a paper tax refund, those checks will begin being mailed April 18.

 Stimulus Check Infographic

Those who currently receive social security will receive the stimulus check into the same account that their monthly social security payment is made. If you typically pay in when filing income taxes, you may need to request a payment. There is also specific information for anyone who does not file taxes due to a lack of income, or annual income lower than $12,200 ($24,400 for couples). For complete and current information on the Economic Impact Payments, please visit the IRS website to determine when your payment should arrive. 

IRS Economic Impact Info Center

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