Stimulus check distribution begins; NAFCU to monitor impact on CU operations

The Treasury Department and the Internal Revenue Service (IRS) Tuesday began delivering a second round of Economic Impact Payments (EIPs) to eligible individuals as a part of the Phase 4 coronavirus relief and funding omnibus package.

“Treasury and the IRS are working with unprecedented speed to issue a second round of Economic Impact Payments to eligible Americans and their families,” said Treasury Secretary Steven Mnuchin. “These payments are an integral part of our commitment to providing vital additional economic relief to the American people during this unprecedented time.”

According to recent reports, the Treasury Department was able to process and distribute all 113 million Automated Clearing House (ACH) EIP payments on Dec. 29 and 30, valued at $112 billion. Treasury began mailing paper checks yesterday.

The Treasury Department has indicated that should legislation be enacted to provide for an increased amount, EIPs that have already been issued “will be topped up as quickly as possible.” Per President Trump’s urging, the House Monday moved, in a 275-134 vote, to increase the EIPs to adults to $2,000; however, the bill is pending in the Senate.


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