Economic Impact Payments are also known as Stimulus Checks. The IRS began issuing Economic Impact Payments by direct deposits and is making additional rounds of payments by direct deposit and paper checks weekly.
However, the Treasury Department, the Bureau of the Fiscal Service, and the Internal Revenue Service (IRS) rapidly sent out three rounds of direct relief payments during the COVID-19 crisis, and payments from the 3rd round continue to be disbursed to Americans.
Economic Impact Payments
As of March 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided Economic Impact Payments of up to $1,200 each adult for qualified individuals and $500 per qualifying child under age 17.
However, the payments were reduced for individuals with adjusted gross income (AGI) greater than $75,000 ($150,000 for married couples filing a joint return). So, for a family of four, these Economic Impact Payments provided up to $3,400 of direct financial relief.
The COVID-related Tax Relief Act of 2020, started in late December 2020, authorized additional payments of up to $600 per adult for eligible individuals and up to $600 for each qualifying child under age 17.
The American Rescue Plan Act of 2021 (American Rescue Plan), enacted in early March 2021, provided Economic Impact Payments of up to $1,400 for eligible individuals or $2,800 for married couples filing jointly, plus $1,400 for each qualifying dependent, including adult dependents.
Economic Impact Payment 3 – Third Round of Economic Impact Payments
For this third round of Economic Impact Payments, the American Rescue Plan requires an additional “plus-up” payment, which is based on information (such as a recently filed 2020 tax return) that the IRS receives after making the initial payment to the eligible individual.
In addition, the American Rescue Plan increases direct financial relief to American families by providing $1,400 payments for all qualifying dependents of a family, rather than just qualifying children under age 17.
Further, the Treasury Department and the IRS continue to expand outreach to millions of homeless, rural poor, and other disadvantaged Americans to ensure that they receive Economic Impact Payments.
For people who qualify for the stimulus payment, the government will issue an economic Impact Payment card. The EIP Card is a prepaid debit card for people who qualify for stimulus checks.
Economic Impact Payments (EIP) Card
With your EIP prepaid debit card, you can get cash, request a check, or make a purchase anywhere VISA debit cards are accepted. Once you use your card for payment or withdrawal, the amount will be deducted from your balance until you use all your funds.
How to Login to EIP Card Account – EIP Card Login
To sign in to your economic impact payment debit card account, do the following
- Progress to https://www.eipcard.com
- Press on the login tab
- Fill in your user ID and password
- Tap on the login widget
You can now check your account balance and monitor your transactions online. If you don’t have an account already, read the section below.
How to Sign Up For Economic Impact Payment (EIP) Prepaid Debit Card
To create your prepaid EIP debit card for online access account, do the following;
- Go to https://www.eipcard.com
- Click on the login Widget
- Hit on Register
- Input your 16 or 19 Digit Card Number (enter 16 or 19 digits without spaces or dashes)
- Enter card Expiration Date
- Click on Enter
- You will be prompted for additional information in order to set up your User ID and password.
These are steps to sign up for an account.
How much is the Full Economic Impact Payment?
Economic impact payment amounts are as follows;
The U.S. citizens, permanent residents or qualifying resident aliens may qualify for the maximum amount of $1,200 for an individual or $2,400 for married individuals filing a joint return. However, individuals may also receive up to an additional $500 for each qualifying child.
Is there a Second Economic Impact Payment?
Yes. The second Economic Impact Payment was $600 ($1,200 if married filing jointly) plus $600 per qualifying child you had in 2020.
Is the economic impact payment the same as the stimulus check?
Economic Impact Payments are commonly referred to as “stimulus checks” or “recovery rebates. These are key provisions of the Coronavirus Aid Relief, and Economic Security (CARES) Act legislation that Congress passed to help reduce the financial burden of COVID-19 on individuals and their families.