COVID-19 Update: Economic Impact Payments
December 2020 Update: As a follow up to the CARES Act, Congress recently passed a new $900 billion economic relief package to provide further financial support for individuals and small businesses. This includes a second round of Economic Impact Payments in the amount of $600 per person, for those who meet the income requirements. Payments will start being direct deposited into the same bank account reflected on your most recently filed tax return beginning the week of December 30th, 2020. We have updated the page below to reflect new information concerning this second round of payments.
We’ll address your frequently asked questions below, targeting the benefits potentially most relevant to you. We encourage you to consult our teammates with questions specific to your situation. While we'll focus mostly on individual and family information below, we've also created dedicated pages covering CARES Act's opportunities for small businesses and investments.
Check On Your Economic Impact Payment
The IRS website allows you to check on the status of your Economic Impact Payment. It will give you information about your payment status, payment type and if they need more information from you including bank account information.
NEW: When will I receive my Economic Impact Payment in my account?
The second round of payments are expected to start going out on Wednesday, December 30th, 2020. If you see the deposit in your account as “pending”, the funds will be available on January 4, 2021. As with the first round, the IRS is sending the payments in waves. If you don't see a pending deposit yet, then the IRS has not sent your payment quite yet. The quickest way to see if you have received the funds is to log into Online Banking or our Mobile App.
Will I receive an Economic Impact Payment?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment.
For filers with income levels above those amounts, the payment amount is reduced by $5 for each $100 of income above the $75,000/$150,000 thresholds. Singler filers with income exceeding $87,000 and joint filers earning more than $174,000 will not be eligible to receive a payment, which is a slightly lower threshold than the first round.
How much will I receive?
Each eligible taxpayer will automatically receive a payment of up to $600, which is half the amount of the up to $1,200 received through the CARES Act.
Under this new round of funding, each dependent child will also receive the $600 amount, up from $500 in the CARES Act. However, this amount will only be provided specifically to dependent children under the age of 17. Therefore, college students and older high school students who are claimed as dependents won't qualify. Adult dependents, such as seniors claimed by their children, also won't qualify for the payments. For example, a family of two parents who have two child dependents could receive up to $2,400.
How will I receive my funds?
The vast majority of people do not need to take any action. The IRS will calculate and automatically send Economic Impact Payments to those who are eligible. The payment will be direct deposited into the same bank account reflected on your most recently filed tax return.
The full details regarding the distribution of the payments are available on the IRS website.
CommunityAmerica members can deposit funds in the following ways:
- Direct deposit to your CommunityAmerica account if you have established this account for direct deposit of tax refunds or Social Security Benefits
- Mobile Check deposit
- ATM deposit
- Drive-thru deposit
Where can I find my account information for setting up direct deposit?
Your full account number is listed within Online Banking, under Account Requests. Our routing number is 301081508.
Will there be changes to unemployment benefits?
For those filing for or currently receiving unemployment benefits there are a number of potential changes. Highlights include an extra $300 per week of unemployment aid on top of regular state unemployment payments. This has been extended through March 14, 2021.
For more information, contact your state unemployment office directly or visit the Department of Labor website.
If you are a CommunityAmerica member who is facing financial hardship due to the impact of the COVID-19 pandemic, please call us at 913.905.7000 and we'd be happy to take a look at how we can help.
We understand that you may have further questions concerning all of this and how it might affect you and your family. Our Call Center is fully staffed and here to help at 913.905.7000 or toll-free at 844.431.1976.