Everything You Need to Know About COVID-19 Stimulus Checks
An updated look at the ongoing government efforts to provide relief during the pandemic.
4 min read
The past year has been exceptionally challenging for many across the country, and while times continue to be difficult and uncertain, the U.S. government has rolled out a number of initiatives to help ease some of the burden the COVID-19 pandemic has put on Americans everywhere.
Last March, Congress approved the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which gave many taxpayers a one-time $1,200 payment ($2,400 for married couples filing jointly). On December 29, 2020, the Internal Revenue Service (IRS) and the Department of the Treasury began delivering a second round of Economic Impact Payments, providing $600 to eligible Americans ($1,200 to married couples filing jointly), and $600 for every qualifying child under the age of 17. While there is talk of possible future direct aid payments in the months to come, we break down what you need to know about this latest round of payments, and how your N26 account will help make the most of your stimulus payment with speed and reliable support.
What is a stimulus check?
In March 2020, the CARES Act put $2 trillion into the U.S. economy impacted by the COVID-19 outbreak, with benefits for state and local governments, businesses, public health, education, and households across the country. This past December, Congress approved a second round of Economic Impact Payments to be distributed by the IRS to eligible Americans as soon as possible.
This means a second round of stimulus payments to people like you to help you cover necessary expenses during the crisis. Rest easier knowing you’ll get that money in your pocket with the speedy, reliable support you deserve while using your N26 account.
Who is eligible for this second stimulus payment?
Many adults with a Social Security Number are eligible to receive a payment, but there are some restrictions on who qualifies, including your income level.
Economic Impact Payments of $600 will go to all qualifying Americans with an adjusted gross income for 2019 up to $75,000, or up to $150,000 for married couples filing jointly. Payments will be reduced for qualifying people earning above those amounts.
How can you deposit your stimulus payment into your N26 account?
Receiving your stimulus payment may not require any long lines or trips to the bank — all to say, you can continue your safe social distancing measures without worrying that you will miss out on your stimulus check.
The IRS will send out the second Economic Impact Payments via direct deposit to the bank account on your 2019 tax filing. If you used your N26 account on your latest tax filing, you're all set. Your stimulus check will be directly deposited, and you’ll get a real-time notification from N26 the moment your payment hits your account.
To expedite the release of this second round of EIP, the IRS has also sent a number of payments through the mail as paper checks or prepaid debit cards. You can check the status of your payment, and information on how it was sent through the official Get My Payment portal.
Be sure to include your account information when you file your 2020 taxes to receive future stimulus payments directly into your N26 account. While the IRS may opt to set up another portal to provide or update your banking information, using N26 for your tax refund is the most reliable way to keep your information up to date.
How do I find my N26 account information?
Your account information and routing number are available by tapping the “My Account” icon on the top right corner of the N26 app.
When will I receive the second stimulus check?
The Treasury Department and Internal Revenue Service started distributing the second stimulus payments on December 29, 2020. The payments will continue to be distributed through January 2021 and could take some time to get to you, especially for those receiving paper checks or prepaid cards.
If you haven't received a payment by the end of January, either for the first or second stimulus payment, you may be able to claim it when you file your 2020 taxes in 2021. Before you claim, be sure to double check your eligibility.
With N26, you can feel confident the support you deserve from the coronavirus stimulus will arrive as quickly as possible, keeping you in control of your money in a world filled with uncertainty.
Here are just a few ways N26 can help you manage your money during these unprecedented times:
Use Spaces to budget for upcoming expenses like rent, utilities, groceries, or whatever you need.
Easily add money to your N26 account by linking an existing external bank account or debit card.
Better understand your spending habits and identify opportunities to save by reviewing your account's auto-generated spending statistics.
Keep yourself level-headed while social distancing by exploring our Perks partners, like Headspace to meditate or Babbel to learn a new language.
N26 does not manage external links, and is not responsible for the content, links, products or services of these websites. Further, N26's privacy and security policies do not apply to external linked websites. Please consult the disclosures of any external linked websites for further information.
The N26 account is offered by Axos Bank®, Member FDIC. N26 Inc. is a service provider of Axos Bank. All deposit accounts of the same ownership and/or vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and/or vesting at Axos Bank. The N26 Visa® Debit Card is issued by Axos Bank pursuant to a license by Visa U.S.A. Inc. The N26 Visa Debit Card may be used everywhere Visa debit cards are accepted.
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