ABSTRACT

Delivery of Economic Impact Payments (EIPs) [Updated June 17, 2020]   [open pdf - 632KB]

From the Document: "To mitigate the financial hardship many Americans are experiencing during the Coronavirus Disease (COVID-19) pandemic, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). A critical element of the aid package is direct payments to certain individuals in 2020. The payments are referred to as 'recovery rebates' in Section 2201 of the act, but the Internal Revenue Service (IRS) calls them 'economic impact payments' (EIPs) in the notices it shares with the general public. To qualify for a full EIP, an individual's adjusted gross income (AGI) in 2019 cannot exceed $75,000 (or $150,000 for married couples filing jointly). The payment phases out for AGIs between $75,000 and $98,000 for single filers, and between $150,000 and $198,000 for joint filers. [...] This Insight presents a brief overview of the delivery of EIPs and identifies factors that might affect the timing and accuracy of their delivery."

Report Number:
CRS Insight, IN11393
Author:
Publisher:
Date:
2020-06-17
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
Help with citations