Economic Impact Payments
Colony Bank is #RightHereWithYou to help you navigate through these uncertain 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 to Know About the CARES 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. Check on the IRS website here to find out if you are eligible to receive a stimulus check.
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.
If you received your 2019 or 2018 tax refund via check in the mail, the IRS will mail the stimulus check to the physical address on file. If you moved since you last filed, let the IRS know your new mailing address here.The Treasury estimates between 75 and 100 million paper checks will be mailed in batches beginning the week of April 20. We do not know the method in which the Treasury will be determining who is in which batch or when you will receive a paper check.
The Treasury and IRS are creating online portals to allow opt-in for direct deposit to those who have not previously chosen tax refund payments by direct deposit. These portals are available on the irs.gov website by clicking on 'Get Info on Economic Impact Payments'. The portals will provide the following options:
- Check Status of EIP Direct Deposit (Coming Mid-April)
- Check Eligibility
- Sign-Up for Direct Deposit
- Update Existing Direct Deposit Information
The IRS will be sending letters to the payment recipients approximately 15 days after the deposits are made which will likely generate questions by some depositors. Here’s a link to the Economic Impact Payment page on the IRS website with details about eligibility and the process.
How Colony Bank Can Help ‐ Online Banking & Mobile Deposit
You can view your accounts with us 24/7/365 online through Colony Bank Online Banking. Business customers with Business Online Banking can log in here. Due to increased call volumes that we are experiencing, you can find out quickly and securely if you have received your stimulus check or not through online or mobile banking. Remember, the IRS and Treasury are distributing both electronic and paper checks in batches/waves. This means someone you may know could receive theirs before you do. If this happens, it is not a cause for concern. Unfortunately, we do not know the method for selection in which the Treasury determines who is in which batch/wave.
Haven’t signed up for online banking? It’s easy! Click here to enroll now!
If you received your 2019 or 2018 tax refund via check in the mail, the IRS will mail the stimulus check to the physical address on file. You can easily deposit your funds and access them securely by logging in and using Colony Bank’s Mobile App. With newly increased limits, you can deposit your stimulus check right from the comfort of your home.
Haven’t downloaded our mobile app? Go to your App Store and search for “Colony Bank”. Then enter your online banking credentials to get started.
For more information on these payments, including details on how to calculate the amount of your potential payment, please visit the IRS Coronavirus page.