COVID-19 Economic Impact Information

We want to share information about an economic relief payment you may be entitled to through the recently passed coronavirus relief bill. Within this bill, eligible individual adults with adjusted gross income on their 2019 tax returns of up to $75,000 will receive a one-time payment of $600. Married couples (or someone whose spouse died in 2020) earning up to $150,000 a year will receive $1,200. Families who meet those income requirements also will receive $600 for each child under 17. People who filed taxes in 2019 using the “head of household” status and making up to $112,500 also will get the $600 payment, plus the additional amount for children. Payments begin to phase out when individual adjusted gross income exceeds the levels stated above, with payments going to $0 when income reaches $87,000 for individuals and $174,000 for married couples.

If you qualify for a payment, you will receive your payment in one of two ways:

  • If your financial account is on file with the IRS, your stimulus payment will be deposited directly into your account. The IRS will use the account information from your 2019 tax return filings.
  • If you do not have a financial account on file with the IRS, your payment check will be mailed to you at the address the IRS has on file. You can easily deposit your check using our mobile app, which can be downloaded here.

While the exact day payments will be distributed is unknown at this time, we expect the Treasury Department to begin distributing payments this week. However, please note that 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.”

Economic Impact Payments

As we face this global pandemic together, please read the information below regarding the IRS Economic Impact Payments

The IRS has published information regarding eligibility and disbursement.

Check the status of your disbursement.

Also, see the attached poster from the IRS.

 

Defending against cyber scams referencing COVID-19

In addition, please use caution as there are new scams appearing daily during this difficult time.  Specific examples include the following:

  • Fraudsters impersonating representatives of official organizations like the CDC and health departments (in person traveling door-to-door, over the phone, and online)
  • Fake COVID-19 tracking and reporting websites that deploy malware to your device
  • Fake apps that infect your mobile device
  • Money laundering schemes disguised as pandemic relief fundraising efforts
  • Fraudsters are trying to capitalize on the coronavirus stimulus funds that includes direct payments to individuals and married couples.

 

Please take measures to protect yourself from becoming a victim.  The U.S Department of Homeland Security has published a great list of precautions:

  • Avoid clicking on links in unsolicited emails and be wary of email attachments. See Using Caution with Email Attachments and Avoiding Social Engineering and Phishing Scams for more information.
  • Use trusted sources—such as legitimate, government websites—for up-to-date, fact-based information about COVID-19.
  • Do not reveal personal or financial information in email, and do not respond to email solicitations for this information.
  • Verify a charity’s authenticity before making donations. Review the Federal Trade Commission’s page on Charity Scams for more information.
  • Review CISA Insights on Risk Management for COVID-19 for more information.
  • Please be aware that government agencies do not require advanced processing fees.
  • Government agents do not communicate with individuals via social media and will not be calling or texting regarding the stimulus funds.
  • Avoid fake sites attempting to represent official agencies.
  • The Maine Credit Union League provided a list of ways to protect yourself COVID-19 Scammers

 

Remember, if something sounds too good to be true, it probably is too good to be true.  Visit our fraud awareness page or contact us if you have any questions or concerns.