2020-04-03 Stimulus Checks for COVID-19
Update: IRS has published a Get My Payment website where you can now check the status of your stimulus checks or update your bank account information. By doing this, you may not need to wait for the stimulus check; the check can be directly deposited into your bank account.
As you all know, the U.S. government is preparing to send out stimulus checks to help individuals amid the COVID-19 pandemic. Payments are expected to start being released within the next few weeks to those who qualify. It's currently unclear how long it'll take for people to receive the checks, but we want to help you get ready for this.
How will the stimulus checks be paid out?
Based on current information, the IRS will be sending out payments based on the most recent 2018 or 2019 tax filing:
- Payments will go out automatically to those who opted in to direct deposit for their refunds on either their 2018 or 2019 tax return, whichever is newer.
- If directed deposit was not chosen, then payments will go out via mail to the address used to file the 2018 or 2019 tax return, whichever is newer.
How will this affect me if I expect to receive my check at my VPM mailbox?
If you have been our customer of ours and used your VPM mailbox address to file your 2018 or 2019 taxes, you do not need to worry about anything. Checks received will automatically go into your mailbox without any issue when we receive it.
You can additionally request us to deposit your stimulus checks to your bank once you receive it by following our instructions. Your check deposit will be mailed out to your bank using USPS First Class Mail with tracking. In these uncertain times where we are witnessing mail delivery delays, we highly recommend that you request to mail out your deposit using USPS Priority Mail or Priority Express. It will cost a little more, but you will at least be able to track your payment. The choice is yours.
What if I'm expecting a check but I no longer have an active mailbox account with VPM?
If you do not have an active account with us, then any mail that arrives for you will get returned back to the sender. There are several options you can take in this case:
- You can email us to see if your mailbox number is still available. If it is, we can reactivate your mailbox account for you so you can wait to receive the check. You will need to pay for the monthly service fees in this case. Also, it's not certain how long it will take for you to receive the stimulus check, so plan accordingly.
- Recommended: In the coming weeks, the U.S. Treasury has indicated that there are plans to develop a web-based portal for individual to provide their banking information online so that individuals can receive payments immediately as opposed to receiving the payment in the mail. You will need to wait and check the news on when this portal will become available for you to submit your information
It's our recommendation that you sign up for the direct deposit option when the Treasury portal site is ready, regardless if you are a customer of ours or not. You will likely receive your payment faster and go through less hassles in this way.