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Second stimulus check questions?

Finance | 12/29/20
sample check from the united states treasury

The second round of COVID-19 economic impact payments was passed by Congress, which includes direct payments that total up to $600 per person.

When will payments be issued?

Payments will be made in waves by the U.S. Treasury. The first wave of payments will be posted to Ascend accounts on Monday, January 4, 2021. Members are encouraged to use online banking or STAR phone banking to monitor accounts and watch for the stimulus payment.

Who qualifies for this second round?

Adults who earned less than $75,000 in adjusted gross income in 2019 will receive a $600 check, and couples who earned less than $150,000 will receive $1,200. Dependents under the age of 17 will also receive payments of $600.

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 have to 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 second payment.

What about the $2,000 payments?

At this time, additional payments have not been approved by Congress.

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 payment?

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

Is Ascend providing PPP loans in round 2?

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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