What is the Federal Reserve doing to help the economy during the pandemic?
The Federal Reserve has taken a number steps to bolster the economy during the COVID-19 pandemic. Find out what the Federal Reserve is doing and why, or visit the Board of Governors of the Federal Reserve System's Coronavirus Disease 2019 page for more information on specific actions taken.
What if I am unable to pay my mortgage because of the pandemic?
Contact your bank or loan servicer to let them know of your circumstances. If you have a mortgage loan guaranteed or sponsored by the federal government and are impacted by COVID-19, you may be able to delay your monthly mortgage payments and avoid foreclosure, or other legal proceedings. More information is on the Consumer Financial Protection Bureau's Website. You may also watch a video about your options here.
How are banks helping customers affected by COVID-19?
The Federal Reserve System with other regulatory agencies have encouraged banks to take steps to meet the financial needs of customers facing hardship due to the pandemic, including by offering prudent loan modifications (see Press Release), extending responsible small-dollar loans (see Press Release), and continuing to meet the deposit and service needs of customers to the extent possible (see Press Release). It is important to note that these issuances do not require banks to make specific customer accommodations. You should contact your bank if you have questions regarding its policy changes during this time.
How can I receive my economic impact payment if I didn't file taxes in the past two years or wasn't required to file?
The deadline for non-filers to register online for the Economic Impact Payment was November 21, 2020. However, you may still be eligible to receive a payment in 2021 if:
- You did not register online, by mail, and did not get a payment in 2020, or
- You received a payment, but it was not the full amount of what you were qualified to receive. The maximum credit is $1,200 for single filers, or $2,400 if married and filing jointly, plus $500 for each qualifying child.
Then, when you file a 2020 Form 1040 or 1040 SR, you may be eligible for the Recovery Rebate Credit. Remember to save your IRS letter-Notice 1444 with your 2020 tax records as you will need to know the amount of the payment included in the letter when you file in 2021. The non-filer portal is closed, but you may still go to the IRS' website for additional information.
Where can I open an account online to receive my economic impact payment? Is it possible that I'll get my payment on a prepaid debit card?
Please visit the Federal Deposit Insurance Corporation's (FDIC) Receiving IRS Economic Impact Payments webpage to find banks in your area offering accounts that can be opened online. Many banks are offering accounts with $0 opening deposits, low fees, and no possibility of overdraft. It is also possible that the government mails your payment on a prepaid VISA debit card issued by MetaBank starting the week of May 18. This video contains information about the card you may receive and how to use it.