CARES Act Economic Impact Payments

Bank3 is here to help you navigate through these challenging times. Nothing is more important than your health, safety and financial security. That’s why we want to share with you a significant update concerning the Coronavirus Aid, Relief and Economic Security Act, commonly referred to as the CARES Act.

What We Know About the CARES Act Economic Relief Payment

As you may have heard, the United States 116th Congress approved, and President Trump signed into law, the CARES Act. This law includes a provision for eligible taxpayers who filed a tax return for either 2019 or 2018. They could receive a payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.

How You’ll Receive the Payment

If you qualify and filed a 2019 or 2018 tax return, your payment will be deposited directly into the same banking account used for tax filing purposes. If you have not yet filed your 2019 tax return, the account used for your 2018 tax filing will be used. Note that payments are being distributed by the IRS in waves, so if someone you know has received theirs but you haven’t yet, it is not a cause for concern.

Frequently Asked Questions

For a complete list of questions and answers (including guidance on eligibility, expected amounts, etc.) please click Economic Impact Payment FAQs

Protecting Your Payment from Scams

As eligible Americans prepare to receive their economic impact payment from the government, fraudsters are ramping up their efforts to scam people out of their payment. To help consumers protect themselves, American Bankers Association is highlighting the five most common scams to watch out for: Protect Your Economic Impact Payment_ Top 5 Scams to Watch Out For _ American Bankers Association

2020-04-13T16:27:52+00:00April 13th, 2020|press|