COVID-19 Update: Economic Impact 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 PaymentThe 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.
Check My Payment Status
When will I receive my Economic Impact Payment in my account?The third round of payments are expected to start going out on March 17, 2021. If you see the deposit in your account as “pending,” the funds will be available on Wednesday by 8am. As with the first two rounds, 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?Income level requirements to receive the full payment have remained the same from the second round of payments – $75,000 for individuals and $150,000 for couples. However, the cutoff income range has changed. Eligibility is cut off for single people earning more than $80,000, couples earning more than $160,000 and heads of household earning more than $120,000.
How much will I receive?Under the American Rescue Plan Act, eligible taxpayers will receive a payment of $1,400. With this new bill, all dependents, including adults, will also be eligible for the $1,400 payment, as long as the filer who claimed them meets all other qualifications. This is different from previous bills that excluded anyone aged 17 or older who was claimed as a dependent on another person’s tax return.
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 unemployement benefits, the additional $300 per week has been extended through September 6, 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.