ICBA updated its frequently asked questions on the federal response to the COVID-19 pandemic with information on Economic Impact Payments—the federal stimulus payments going out to eligible individuals and households.
The IRS, through the U.S. Treasury Fiscal Service, plans to issue as many of these payments as possible electronically. Treasury began distributing the first tranche of ACH payments on Friday, with an effective date of this Wednesday, April 15. Subsequent files will be sent weekly.
ICBA's latest updates join numerous other FAQs on the Small Business Administration's Paycheck Protection Program, the Federal Reserve's new facilities, tax issues, loan modifications, deposit insurance and exams, agriculture, and more.
Nacha has separately published FAQs on Economic Impact Payments with information about what to do when an ACH payment hits a closed account, garnishment, and more. The Treasury Department and SBA continue updating their FAQs on the PPP.