The American Rescue Plan Act (ARPA) of 2021, was signed into law on March 11, 2021 and includes a third round of stimulus payments for individuals and families who meet a certain income threshold. We know you may have questions while we await final details about the timing of the Economic Impact Payments. Here are a few things to keep in mind:
* If the IRS sends your Economic Impact Payment stimulus by electronic deposit, your bank will post as soon they receive them.
* Your bank does not determine who is eligible to receive payments or how much that payment will be. We recommend that you check with the IRS for eligibility information and guidance.
* We anticipate that the government will stagger these payments like they did in the prior rounds of stimulus checks, sending the electronic payments first and paper checks second.
PLEASE retain any documentation that you may be receive about this payment. The amount of this Economic Impact (Stimulus) Payment will be tax information on your 2021 tax return.
Please keep in mind that Bottom Line Accounting has no control over when or if you will receive an Economic Impact (Stimulus) Payment. Nor can we tell you if your payment will be by direct deposit, check, or pre-paid EIP card. Only the IRS can answer your questions about when and how much.