Questions about third stimulus payments?

Finance | 03/12/21
3rd Stimulus Blog 2056x1372 Q1 MAR21 V1

A third round of COVID-19 economic impact payments was passed by Congress, which includes direct payments that total up to $1,400 per person.

When will payments be issued?

The U.S. Treasury will begin issuing payments as early as March 12. Members are encouraged to use online banking or STAR phone banking to monitor accounts and watch for the stimulus payment.

Who qualifies for this third round?

Individuals who earned less than $75,000 in adjusted gross income in 2019 or 2020 will receive a $1,400 check, and couples who earned less than $150,000 will receive $2,800. Dependents under the age of 17 will also receive payments of $1,400.

If your income is above that of those thresholds your payments will be reduced based on your income. In addition to the income requirements, you must be a U.S. citizen, a permanent resident or qualifying resident alien, have a valid Social Security number, and not be a dependent of another taxpayer.

Forbes.com has an online calculator to calculate your third payment options.

What is different with the third payment?

  • There are three significant differences between the second and third rounds of payments.
  • The amount of payments has increased from $600 per individual to $1,400 per individual.
  • The ceiling has been lowered for those who will not receive any funds. Any individual making more than $80,000 or a couple earning more than $160,000 will not receive any payment in this round.
  • Adult dependents, including college students, are eligible for the payments.

How will payments be sent?

Most payments will be sent via direct deposit directly to the recipient’s bank account on file with the IRS. If you do not have the correct bank account information on file, the IRS will then mail your payment to the address on file. Anyone needing to update their address should visit: https://www.irs.gov/faqs/irs-procedures/address-changes

What if I never received the first or second payments?

If the first or second payment never arrived, you may be able to claim a “recovery rebate credit” on your 2020 tax returns. Visit: https://www.irs.gov/newsroom/recovery-rebate-credit for more information.

Is Ascend providing PPP loans in round 3?

Ascend has partnered with ACAP and The Loan Source to provide you with the resources you need to keep your employees and business moving forward.

If you still have questions visit IRS.gov, email us at memberservice@ascend.org, chat with us securely inside online banking, or call 800-342-3086.

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