Economic Impact Payment

We want to help share helpful information about the government programs available to help you during the COVID-19 Pandemic. Working together we can get through this season. Please call the office or contact us here if you need anything at all. We accept maintenance requests on our web site. We are here to serve you.

-The Spinnaker Property Management Team

Important information about Economic Impact Payments

This week, as part of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act, the U.S. Federal Government began delivering “Economic Impact Payments” to eligible Americans. These direct cash payments to individuals and families are for financial relief during the coronavirus pandemic, and are sometimes referred to as “stimulus checks.”

Here are a few things to keep in mind:

  • The Internal Revenue Service (IRS) is responsible for the timing, amount and distribution of these payments, and has stated that payments will be sent in waves over the course of multiple weeks into July 2020.
  • The IRS will distribute payments using the information that the IRS has on file for each eligible individual or family.
  • For most of the recipients, payments will be deposited directly into the same bank account that they have most recently used to receive a tax refund or monthly Social Security payment.
  • Others will receive paper checks in the mail, at the address that the IRS has on file for that individual.
  • Banks, including Bank of America, cannot and do not provide personal account or address information to the IRS.
  • Direct deposits are posted for open accounts on the effective date set by the Treasury.

You may have questions about these payments and here are answers to questions you may have, and tools you can use:

Am I eligible, and when will my payment arrive? Contact the IRS.

Is my payment in my account? Check account without leaving home.

If you’re receiving your payment through direct deposit:

  • Monitor your account and take care of everyday banking needs.
  • We also recommend that you set up a direct deposit account alert to tell you when direct deposits post to your account.
  • The description of the deposit in your account will include the word “IRS.” Keep in mind, the IRS is using the same description for both the stimulus payment and income tax refund.

If you’re receiving your payment through paper check:

I have questions about the amount of my payment. Who can help me?

  • Visit the IRS website for information regarding eligibility, requesting, calculating and receiving payments.
  • You can check status of your payment, payment type (direct deposit or paper check) and how to set up a direct deposit if available at the IRS Get my Payment website.

What can I do to help protect against fraud? Take these steps.

  • Check the IRS website for information about your payment status and account information.
  • Make sure your contact information is accurate in your account.
  • Set up security and account alerts.
  • Remember, if we need to reach out to you, we’ll NEVER ask for personal or financial information or an access code through email, text, or unsolicited calls.
  • Visit our Security Center or the Federal Trade Commission’s Coronavirus Scam Tips for tips on how to recognize potential scams and learn more about how to keep your accounts secure.

Thank you for being a valued client.

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