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As a follow up to the CARES Act, Congress recently passed a new $900 billion economic relief package to provide further financial support for individuals and small businesses. This includes a second round of Economic Impact Payments in the amount of $600 per person, for those who meet the income requirements.
Payments began being direct deposited into the same bank account reflected on your most recently filed tax return beginning the week of December 30, 2020. We have updated the page below to reflect new information concerning this second round of payments.

Please see frequently asked questions below.

Check On Your Economic Impact Payment
The IRS website allows you to check on the status of your Economic Impact Payment. It will give you information about your payment status, payment type and if they need more information from you including bank account information.

When will I receive my Economic Impact Payment in my account?

The second round of payments began on Wednesday, December 30, 2020. If you see the deposit in your account as “pending”, the funds will be available on January 4, 2021. As with the first round, the IRS is sending the payments in waves. If you don't see a pending deposit yet, then the IRS has not sent your payment quite yet. The quickest way to see if you have received the funds is to log into online banking or your mobile app.

Will I receive an Economic Impact Payment?

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. 

For filers with income levels above those amounts, the payment amount is reduced by $5 for each $100 of income above the $75,000/$150,000 thresholds. Single filers with income exceeding $87,000 and joint filers earning more than $174,000 will not be eligible to receive a payment, which is a slightly lower threshold than the first round.

How much will I receive?

Each eligible taxpayer will automatically receive a payment of up to $600, which is half the amount of the up to $1,200 received through the CARES Act.

Under this new round of funding, each dependent child will also receive the $600 amount, up from $500 in the CARES Act. However, this amount will only be provided specifically to dependent children under the age of 17. Therefore, college students and older high school students who are claimed as dependents won't qualify. Adult dependents, such as seniors claimed by their children, also won't qualify for the payments. For example, a family of two parents who have two child dependents could receive up to $2,400.

How will I receive my funds?

The vast majority of people do not need to take any action. The IRS will calculate and automatically send Economic Impact Payments to those who are eligible. The payment will be direct deposited into the same bank account reflected on your most recently filed tax return.

The full details regarding the distribution of the payments are available on the IRS website.

Equity Bank customers can deposit funds in the following ways:

Will there be changes to unemployment benefits?

For those filing for or currently receiving unemployment benefits there are a number of potential changes. Highlights include an extra $300 per week of unemployment aid on top of regular state unemployment payments. This has been extended through March 14, 2021.

For more information, contact your state unemployment office directly or visit the Department of Labor website.

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