Did you fail to receive your stimulus payment?
Certain people qualified for an economic stimulus payment as a result of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). You might be wondering why you never received your prepaid economic income payment when you thought you were entitled to one. Early payments were direct deposited to accounts for those who filed their federal income taxes electronically in tax years 2018 or 2019. Then the IRS sent out paper stimulus payment checks to some. In May, the U.S. Treasury Department and the IRS sent out the payments to approximately 2 million Americans in the form of an Economic Impact Payment Card (“EIP Card”). However, taxpayers were not informed that they were going to receive their stimulus payment in the form of a debit card.
It is believed that many threw out the cards thinking the mailing was junk mail or some type of scam. The Visa cards are issued by MetaBank, the U.S. Treasury’s financial agent. The EIP Cards are delivered in plain envelopes, a security feature intended to prevent fraud or theft, from Money Network Cardholder Services.
Earlier this month, the IRS mailed letters with a return address of Economic Impact Payment Card, PO Box 247022, Omaha, NE, 68124-7022 to the recipients of EIP Cards that had not yet been activated. The mailing envelope has the following written in red: “Not a bill or an advertisement. Important information about your Economic Impact Payment.”
If you have not received your EIP Card, or believe you have accidentally thrown it out, you should call 800-240-8100. Follow the automated instructions and press the option for “lost or stolen card” to enable you to speak to a representative. It takes about seven to 10 days for a new card to be reissued and priority shipping fees apply according to the cardholder agreement. If you receive a letter with a different phone number on it, then the letter is likely a scam. You may also visit www.EIPCard.com for more information.
There is a possibility of another stimulus payment. Representative Tim Ryan has authored the Emergency Money for the People Act that would provide monthly stimulus payments to qualifying Americans for 12 months. Forbes has come up with a second stimulus check calculator if the Emergency Money for the People Act is passed into law.