WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) has released a video outlining the steps that non-filers need to take in order to receive their economic impact payments authorized by the CARES Act.
Additionally, the Bureau published a blog with FAQs for consumers with details on the economic impact payments (stimulus payments). Under the statute, eligible Americans will qualify for stimulus payments if:
- their filing status is single or married but filing separately, and their Adjusted Gross Income (AGI) is less than $99,000;
- their filing status is head of a household, and their AGI is less than $136,500;
- their filing status is married filing jointly, and their AGI is less than $198,000; or
- their income is above $75,000 as an individual, $112,500 as a head of household filer, or $150,000 as a joint filer, the payment amount is reduced by $5 for each $100
- additional amounts of $500 for each child under 17 are available
- they don’t typically file taxes and receive Social Security benefits from the Social Security Administration or Social Security Equivalent Benefits (SSEB) from the U.S. Railroad Retirement Board
“The information we released today is intended to help consumers navigate the economic impact payments as well as helping them avoid scams related to the payments,” said Consumer Financial Protection Bureau Director Kathleen L. Kraninger. “The Bureau stands ready to provide consumers with additional resources to protect their finances during this pandemic.”
To watch the video click here: https://www.consumerfinance.gov/coronavirus/economic-impact-payments-non-tax-filers/.
To read the blog with FAQS click here: https://www.consumerfinance.gov/about-us/blog/guide-covid-19-economic-stimulus-checks/.
To see the information the Bureau has made available as a result of the COVID-19 pandemic click here: https://www.consumerfinance.gov/coronavirus/.
The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit www.consumerfinance.gov.