COVID-19 Economic Impact Payment Guide

On April 2, 2020, the Treasury Department and the Internal Revenue Service announced the distribution of economic impact payments to help Americans combat the financial effects of the COVID-19 pandemic.

As always, Viriva is committed to providing the guidance and support you need so you can focus on your loved ones’ health and wellness and staying safe. We’re here to help you understand how to get your economic impact payment quickly and safely.

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Viriva Financial Relief Options Available

We understand many of our members may be experiencing unexpected financial hardship due to the Coronavirus (COVID-19) pandemic. As your financial partner, we’re here to help you get through it. If you need assistance, connect with us to discuss available options for your situation. 


► Check to see if you’re eligible.

Visit irs.gov/coronavirus for questions on eligibility.

► Get in the know about avoiding fraud and scams.

Use the #FTCScamBingo to learn more about avoiding COVID-19 related scams.

► Check payment status and provide direct deposit information.

The IRS launched a portal where consumers can check the status of their refund and provide their direct deposit information. Access the portal at irs.gov/coronavirus/get-my-payment.

► Review General Questions.

► Review questions about Direct Deposit.

► Review questions about Paper Checks.

Review General Questions

How do I receive my economic impact payment?

For eligible recipients, if you have filed a tax return for 2019 or 2018 or receive Social Security from the government, the IRS will calculate and automatically send the economic impact payment to you. The economic impact payment will be deposited directly into the same account you indicated on your tax return.


Source: IRS

Am I eligible for an economic impact payment?

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.


Eligible taxpayers who filed tax returns for either 2019 or 2018 and provided direct deposit information will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples - no additional action required. Parents also receive $500 for each qualifying child.


Social Security recipients who are not typically required to file a tax return do not need to take action. You will receive your payment directly in your bank account where you receive your Social Security benefit. If you typically receive a paper benefit check, you'll want to visit the IRS portal to provide your direct deposit information to get paid as quickly as possible.


If you’re not typically required to file taxes and don’t receive Social Security benefits, you’ll need to file a simple return with your banking information. Visit irs.gov/coronavirus for more information.


Source: U.S. Treasury 

If yes, how much am I eligible for?

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate your payment amount. If you have not yet filed your return for 2019, the IRS will use information from your 2018 tax filing to calculate the payment.


Visit irs.gov/coronavirus to learn how much money you may be eligible to receive.


Source: IRS

The IRS does not have my direct deposit information. What can I do?

The IRS developed a web-based portal for individuals to provide their banking information online. You'll need to visit the portal and provide your account number and routing number so that you can receive a payment directly to your account. Otherwise, you'll have to wait for a check in the mail. Access the portal at irs.gov/coronavirus/economic-impact-payments.


Source: IRS

I don’t have a bank account to receive direct deposit. What can I do?

You may be eligible to open an account with Viriva. Learn More about our eligibility requirements. If you choose to open a new account, you’ll need to provide the account number and routing number to the IRS so they can direct the payment to your account. The U.S. Treasury has a web-based portal where you can provide your banking information to the IRS online. Access the portal at irs.gov/coronavirus/economic-impact-payments.


Alternatively, you can opt to receive a check in the mail. Keep in mind that checks will be distributed over time and will take longer to arrive than a direct deposit. Directions for how to receive a check in the mail will be posted to the web-based portal.


Source: Congressional Ways and Means Committee

How do I avoid fraud and scams?

The IRS and its Criminal Investigation Division are reporting a wave of new and evolving phishing schemes (scammers who send emails with links to steal personal information that look like they come from legitimate sources) related to COVID-19. Be aware of the tactics fraudsters may deploy, such as:


  • Emphasizing the words "Stimulus Check" or "Stimulus Payment." The official term the IRS is using is, “economic impact payment (or “EIP”).”
  • Asking you to sign over your economic impact payment check to them.
  • Asking by phone, email, text or social media for verification of personal and/or banking information saying that the information is needed to receive or speed up your economic impact payment.
  • Suggesting that you can get a tax refund or economic impact payment faster by allowing them to work on your behalf. This scam could be conducted by social media or even in person.
  • Mailing you a bogus check, perhaps in an odd amount, then telling you to call a number or verify information online in order to cash it.


If you receive unsolicited emails, text messages or social media attempts to gather information that appears to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), the IRS is asking that you forward it to phishing@irs.gov.


Visit these sites for additional resources to help you avoid scams, fraud, and identity theft.



Review Questions About Direct Deposit

What is a direct deposit?

Direct deposit is an easy way to have money deposited directly into your checking or savings account without waiting for a check to arrive in the mail. Simply provide the IRS your account and routing number by filing a tax return or using the web-based portal. The money will move directly into your account once it is sent.


Get Information to have your money directly deposited into your Viriva account!


You can typically find your account and routing number on the bottom left-hand corner of a personal check. The routing number is the first set of numbers and is typically nine digits. The next set of numbers — just to the right of the routing number — is your account number. If you don’t have a check handy, you may be able to find the account and routing number on your statements or online banking.

What if I need to update the account information I provided when I filed taxes?

Please visit irs.gov/coronavirus for guidance on how to set up or change your direct deposit information.

How do I know the payment arrived?

You will get a paper notice in the mail from the IRS no later than a few weeks after your payment has been sent. The notice will contain information about where the payment was sent (either the mailing address for a paper check or the bank account number for a direct deposit) and in what form it was made. If you cannot locate the payment and have not received a paper notice, then check the web-based portal for the status of your payment as it may still be processing.


Viriva members that instructed the IRS to directly deposit their money into their Viriva account can check to see if the money has arrived by signing into It'sMe247 Online or Mobile Banking


Don’t have online or mobile banking? Connect With Us to verify your account and set up your temporary username and password or Learn More about the service. 

I want a direct deposit instead of a check, but I don’t have a bank account. How do I apply for an account?

To join Viriva and open an account, you must meet our membership eligibility requirement and open a savings account with a minimum deposit of $5.00. You are eligible for membership if:


  • You live, work, worship, volunteer or go to school in Bucks, Delaware, Montgomery, or Philadelphia County in Pennsylvania.
  • You are a family member of an existing member.


Submit a Membership Request Now

I no longer have the bank account that I used for direct deposit on my tax return. What will happen to my payment?

If your account is closed, the financial institution will be forced to reject the deposit and you will be issued your payment to the address the IRS has on file for you. If your payment has already been processed, you cannot change your bank account information.


Source: irs.gov


Review Questions About Paper Checks

I want a paper check, how do I update my address so that the IRS can send my check to the correct address?

We encourage you to take steps to avoid getting a paper check so you can get your money faster without having to leave your home.

To update your address, you’ll need to visit the web-based portal once it’s live. Visit irs.gov/coronavirus to learn more. 

I don't have access to visit a Viriva branch, how do I deposit a check?

If you can’t visit a Viriva branch to deposit the check, you have a few options to make a deposit.

  • Make a deposit remotely using our Mobile Check Deposit feature in the It'sMe247 Mobile Banking App. Learn More
  • Deposit a check by mail:
    • Endorse the check by signing it and writing your account number and the account type you would like the money to be deposited in. Be sure to include this information: without it, we may not be able to locate your account and process your check.
    • Then mail it to 157 York Road Warminster, PA 18974
Does Viriva charge a fee to cash my economic impact check?

If you are a Viriva member, we will not charge a check-cashing fee. Please be aware, if you do not have the funds available to cover the amount of the check, our standard funds availability policy will apply.