ICBA answers consumer questions on stimulus payments

Apr 14, 2020

ICBA issued answers to frequently asked questions from consumers about Economic Impact Payments—the federal stimulus payments going out to eligible individuals and households. The consumer-facing FAQs include answers on how and when these payments are going out and other details.

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 tomorrow, April 15. Subsequent files will be sent weekly.

ICBA has also updated its frequently asked questions on the federal response to the COVID-19 pandemic with information for community bankers on the Economic Impact Payments as well as new updates on mortgage rules.

The latest updates join numerous other FAQs on the Small Business Administration's Paycheck Protection Program, the Federal Reserve's new facilities, loan modifications, deposit insurance and exams, agriculture, and more.

The Consumer Financial Protection Bureau has released its own guide to COVID-19 economic stimulus relief with answers to consumer questions about EIPs. And Nacha has separately published FAQs on EIPs with information about what to do when an ACH payment hits a closed account, garnishment, and more.