May 18, 2020:The United States Treasury announced today that they will begin issuing Economic Impact Payments using prepaid debit cards, instead of paper checks, beginning the week of May 18. The debit cards will be issued by MetaBank and sent in a plain white envelope. According to the Department of Treasury press release, "EIP Card recipients can make purchases, get cash from in-network ATMs, and transfer funds to their personal bank account without incurring any fees." For more information, please read the Department of Treasury Press Release.
The Internal Revenue Service has posted and updated FAQs page for Economic Impact Payments authorized under the CARES Act. The new FAQs include updated information on eligibility and payment options. Please click HERE to read the new FAQs.