Economic Relief Funding Update
The IRS is in the process of rolling out a second round of stimulus funds this week. However, these payments could be sent in waves, and not everyone will receive payments at the same time. We also want to remind you that the IRS will not contact you for your personal information in order to provide a payment. Stay alert to fraud, and please do not share your confidential account details with anyone who contacts you by email or over the phone.
For some members, the money will be automatically deposited into your cPort Account. The IRS will use the account information you provided on your 2019 tax return to deposit your funds.
Stimulus Checks – Important Details
- Your payment amount is based on your 2019 taxes.
- This second round of payments will be distributed automatically, with no action required for eligible individuals.
- Eligible individuals will receive an Economic Impact Payment of up to $600 for individuals or $1200 for married couples and up to $600 for each qualifying child. Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.
- The payment will resemble a tax refund when it posts to your account.
A separate communication will be sent to business members regarding updates to the PPP program.
Remember, cPort is always here to help. If you have a question about your account specifically, don’t hesitate to reach out by calling us at 1-800-464-0253, a Member Care Representative will be happy to assist you.
IRS Website: https://www.irs.gov/coronavirus/