This guide is designed to answer all your questions about the coronavirus economic impact payments.
Stimulus checks (also called economic impact payments) are payments issued by the federal government under the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help people struggling from the financial impact COVID-19 (2019 novel coronavirus).
You’ll get a stimulus check if you meet these four requirements:
If you were not required to file taxes, you’re still eligible to receive money if you fit the above criteria. Non-filers can enter payment info here.
If your adjusted gross income was up to $75,000 ($150,000 for married couples) on your 2019 tax return (or 2018 tax return if you haven’t filed for 2019) and were not claimed as a dependent by someone else, you’ll be eligible for $1,200. If you made above $75,000 up to $99,000 on your most recently reported income year, you’ll receive a reduced payment.
Families with children 16 or under will receive an additional $500 for each child who qualifies.
If you’re not sure how much you’re eligible for, use this calculator to determine how much you could receive.
The government will send you the payments via direct deposit or check based on the method you chose in your 2018 or 2019 tax filing. Please see the Internal Revenue Service (IRS) website for more information.
Most people will receive their payment via an ACH direct deposit to the bank account where they receive their SSI, SSA, or other payments, such as a tax refund from the IRS. If you’re all set up and still haven’t received your payment, you can check the status of your money here.
If you didn’t connect your bank account to your tax return with the IRS, you’ll receive a paper check.As of April 13, eligible people have already started receiving direct deposit payments. Checks will take much longer. If you haven’t already filed your 2019 tax return, Varo recommends linking your bank account for direct deposit to receive your payment faster than a paper check.
We can tell you the second it hits your account with push notifications. Turn them on in your Varo app: tap Settings, tap Manage Notifications, then set the slider to on.
Applying won’t impact your credit score.
All Rights Reserved by Varo © 2020
Varo Money, Inc. | NMLS #: 1547251 | Licenses | NMLS Consumer Access
*Early access to direct deposit funds depends on timing of payer’s submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer’s scheduled payment date.
Bank Account Services provided by The Bancorp Bank. Your deposits are FDIC insured to at least $250,000 through The Bancorp Bank; Member FDIC. The Varo Visa® Debit Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc and may be used everywhere Visa debit cards are accepted.
See the Varo Bank Account and Varo Savings Account Agreement for terms and conditions.