Stimulus Checks—What to Expect

Updated 12/31/2020

Federal relief includes several elements aimed at helping keep people engaged in the economy. That means direct cash for many individuals and families.

When and how will individuals receive stimulus checks?

• Payments are currently being processed. Because RCU is not sending the payments, we can’t say when the deposit will be made to your account. The IRS’s Get My Payment portal is the best resource to track your payment. Due to high volume, their site may be intermittently unavailable; however, if you received a payment in the first round of direct assistance, you will receive the second the same way.
• The best way to confirm when your payment has been received is by setting up an alert for deposits. Learn how here.
• If you previously selected direct deposit for your tax refund, you’ll receive the direct deposit into the same account—unless you subsequently updated your information using the IRS portal.
• If you receive your payment via direct deposit, it will show in online and mobile banking as “IRS TRES 310.” Otherwise, a check will be mailed to the address listed on your tax filing.
• If you are not typically required to file a tax return, visit the IRS Economic Impact Payments page (https://www.irs.gov/coronavirus/economic-impact-payments) to input your payment information directly to the IRS to have your relief payment deposited to your preferred account.
• To deposit to your RCU account, you’ll need account and routing numbers, which you can find here.

Recovery Rebate Credit

When you file a 2020 Form 1040 or 1040SR you may be eligible for the Recovery Rebate Credit. Save your IRS letter - Notice 1444 Your Economic Impact Payment - with your 2020 tax records. You’ll need the amount of the payment in the letter when you file in 2021. For more information, visit the IRS site.

What if I received funds for someone who is deceased?

If you or another family member received a stimulus check (i.e., stimulus payment) made payable to a person now deceased, the IRS asks that you return the payment as follows:

• Checks not yet cashed: Write “void” on the check. If you live in California, mail it to U.S. Treasury, Fresno Refund Inquiry Unit, 5045 E Butler Ave., Mail Stop B2007, Fresno, CA 93888. If you live outside California, visit this IRS EIP page, scroll to the bottom, and expand the “More About the Economic Impact Payment” section to look up the appropriate mailing address.
• Direct deposit/check already negotiated:
  • Write a check or money order in the amount received and make it payable to “U.S. Treasury.”
  • On the check, write 2020EIP, and the taxpayer identification number (social security number, or individual taxpayer identification number) of the recipient of the check. Include a brief explanation of why you’re returning the funds.
  • Those living in California should mail the check to: Fresno Refund Inquiry Unit, 5045 E Butler Ave., Mail Stop B2007, Fresno, CA 93888.
  • If you live outside California or need additional information, please check the IRS EIP information center.

Is there a website or some legitimate place I can go to find out if I am eligible for this payment?

Your best resource is the IRS website, irs.gov, where they have a section called Economic Impact Payment. Be sure you are on a .gov website! Remember, to receive a check, you must have filed a tax return in 2018 or 2019 and meet the income requirements based on your return.

What do individuals have to do to receive a stimulus check?

• Absolutely nothing. The payment will be automatically sent in the same manner as the previous round, and a confirmation letter will be sent to you by the IRS two weeks after the payment is sent. The Federal Government will not be contacting Members in any way prior to sending the payment. Any email, text or social media post directing individuals to provide their personal information to receive the funds is a scam (See our COVID-19 Response & Assistance Webpage for additional details on how to avoid fraud and scams).

What if I get Social Security and don’t typically file taxes?

• Social Security recipients who are not typically required to file a tax return do not need to take any action and will receive their payment directly into the same account as their Social Security.

What if a check is deposited to a closed account?

• If funds go to a closed account, the payment will be rejected, and the Federal Government will mail the Member a check.

Which government agency is issuing the check?

• The United States Department of Treasury.

What should individuals look for on a paper check to make sure it’s legitimate?

• All U.S. Treasury checks are printed on watermarked paper shown here. When held up to the light, the watermark reads “U.S. Treasury” from both the front and the back. Any check should be suspected as counterfeit if the check has no watermark, or the watermark is visible without holding the check up to light. Here is an image of a valid check:

What will be required to deposit a relief check?

• The check payee (the name listed next to “Pay to the order of:” line on the above check image) must endorse the back of the check for it to be processed.
• If there are two payees on your stimulus check, RCU will require the endorsement of both payees to process the check.
• If you’ve had a name change or life event since your last tax filing that prevents one or more payees from endorsing the check (and your account is in good standing), please contact us to update your records ASAP at 1-800-479-7928 or log in to your account to send us a secure message.
• RCU will accept the paper check through mobile deposit, ATM, or in person. Mobile or ATM deposit is the easiest, quickest, and safest way to make your paper check deposit.

What’s the best way to deposit a stimulus paper check?

• If you receive a paper check, the safest and quickest way to deposit it is using the RCU mobile app or at your closest RCU ATM. You can also mail your check to: Redwood Credit Union, PO Box 6104, Santa Rosa, CA 95406-0104.

What will be required to deposit a relief check?

• As long as one of the check payees (the name/s listed next to “Pay to the order of:” line on the above check image) is on the account used to process your check, RCU will accept the paper check through mobile deposit, ATM, or in person. Mobile or ATM deposit is the easiest, quickest, and safest way to make your paper check deposit.
• If it doesn’t match because you’ve had a life event that has caused a name change since your last tax filing (and your account is in good standing), please contact us to update your records ASAP by calling RCU at 1-800-479-7928 or log in to your account to send us a secure message.

What will you do with your relief check?

Developing a plan for how to best utilize the relief check will help you make good decisions about how to meet your financial needs during this time of uncertainty. We’ve created a worksheet for you to help guide your decision-making

As of Wednesday, Dec. 30

The COVID Relief Bill signed into law December 27, 2020 provides an additional $284.5 billion in funding for the Paycheck Protection Program (PPP). The new legislation makes the following funding available to qualifying businesses through the Paycheck Protection Program:

• PPP Second Draw Loan – Generally available to businesses with no more than 300 employees that have used the full amount of their first PPP loan and can demonstrate a 25 percent reduction (25%) in receipts in the first, second, third, or fourth quarter of 2020 relative to the same 2019 quarter.
• PPP Loan for first-time borrowers – Generally for businesses with 500 or fewer employees that have not previously received a PPP loan, can apply to borrow up to 2.5 times average monthly payroll.

Here is what you need to know:

• The SBA has confirmed they will open up the program to all lenders to start receiving applications on Tuesday, January 19th, 2021.
• Funding is being provided on a first come, first served basis until March 31, 2021 or until funds run out (whichever comes first).
• RCU will begin accepting applications from our Members today but will be unable to officially submit any completed applications until the SBA portal goes live.
• RCU will be accepting First Draw and Second Draw Loan applications.
• RCU will only accept new PPP loan applications from Members (personal or business) who joined RCU on or before Sunday, December 27, 2020.

More details on how to get started and the overall program are available at RCU’s PPP Resource Center.

PPP Resource Center

Exciting news for Members with existing PPP loans! RCU is now accepting PPP forgiveness applications. As a reminder, you have a 10-month window to submit your forgiveness application, so there is no need to rush. We want to ensure the process is smooth and simple. For the most current information to help guide you through your forgiveness application process, please visit RCU’s PPP Forgiveness Center at the link below:

PPP Loan Forgiveness Center

We’ll continue to provide email communication and update our website as we receive pertinent information and updates.

Recently the President signed a new bill into law that gives businesses more time and flexibility to spend their PPP funds, while still maintaining their eligibility for forgiveness. Here are some of the highlights of Paycheck Protection Program Flexibility Act of 2020:

• Increased the timeline for using your PPP funds from 8 weeks to 24 weeks
• Extended the timeline to restore your payroll and rehire employees and/or bring wages back to 75% of pre-Covid levels from June 30 to December 31
• Provides more flexibility with how you can spend your PPP loan funds by allowing you to use up to 40% (originally only 25%) for eligible non-payroll expenses (business rent, utilities, mortgage interest) and still be eligible for forgiveness
• Extends the period from 6 months to 10 months after the PPP loan was funded for businesses to submit their forgiveness application (payments on any unforgiven loan amount would begin after 10 months)

If you have any questions, please email RCU Business Services at PaycheckProtection@redwoodcu.org or call 1 (800) 479-7928, and a member of our PPP loan forgiveness team will get back to you.

Please stay connected and informed as we are continually updating our website and social media channels with additional information related to the COVID-19 crisis.

For more information on financial assistance, please visit our COVID-19 Assistance page.

The IRS will be providing a limited number of payments via pre-paid debit card instead of a paper check. Here is some information regarding the Economic Impact Payment Card:

How will I know if I will be receiving my economic impact payment in the form of a debit card?

The IRS has not provided specifics on who will receive debit cards, other than to say it will be a small number of people. If you receive an Economic Impact Payment Card, it will arrive in a plain envelope from “Money Network Cardholder Services.” The Visa name will appear on the front of the card; the back of the card has the name of the issuing bank, MetaBank^®, N.A. Information included with the card will explain that the card is your Economic Impact Payment Card. You will need to activate your card per the instructions included with it to access your funds. Please visit EIPcard.com for more information.

Can I specifically ask the IRS to send the Economic Impact Payment to me as a debit card?

Not at this time. Those who don’t receive their Economic Impact Payment by direct deposit will receive their payment by paper check, and, in a few cases, by debit card, beginning in mid-May. At this time, taxpayers cannot make a selection to receive a debit card. Please go to the IRS Economic Impact Payment website for more information.

How can I use my EIP debit card?

You can use your card to make purchases anywhere the Visa cards are accepted: shop in store or online, pay bills, or withdraw cash at an ATM. The EIP card uses the Allpoint network, so to avoid fees, visit an Allpoint ATM using the ATM locator on the EIP card website.

You may also visit a branch to withdraw funds; however, MetaBank may charge additional fees for cash advances –please consult their fee schedule https://www.eipcard.com/fee-schedule. For safety and social distancing reasons, we recommend using electronic channels to do your banking. Our Member Service phone representatives are unable to perform cash advances over the phone. RCU will not know your account balance so you will need to use the EIP card’s online tools or phone system to find out the balance -- visit EIPcard.com for details.

How can I transfer money from my EIP card to my RCU personal account without a fee?

If you wish to transfer your impact payment funds from your EIP card to your RCU account, here’s how.

• After you have activated your EIP card, log in to your account at EIPCard.com to initiate a transfer.
• You will need to provide RCU’s routing number and your RCU account number – here’s where to find this information.
• Follow the prompts to initiate the transfer.

Additional detailed information is available at the official EIP card website at EIPcard.com and from the Consumer Financial Protection Bureau.

How to navigate getting unemployment

• The Employment Development Department (EDD) has a variety of support services available to those who have lost their jobs, had their hours reduced, or had their businesses affected due to the pandemic. Please refer to their COVID-19 resource page for the most up-to-date information regarding unemployment assistance.
• How can someone apply:
  • The amount of your benefit is calculated by the California Employment Development Department (EDD) based on your previous earnings.
  • The EDD will first calculate your earnings during a 12-month “base period” - the first four of the last five completed calendar quarters prior to the date of your claim for benefits. If your earnings are insufficient during that 12-month period, the EDD will then compute your earnings during the last four completed calendar quarters prior to the date of your claim. Using one of these base period calculations, the EDD will determine your weekly benefit by dividing your earnings for the highest paid quarter during the applicable base period by 26. This will result in a benefit up to the maximum of $450 per week.
  • Available jobs: Onward CA is a one-stop resource for the people of California impacted by job loss during the coronavirus outbreak. There are over 70,000 job postings available for viewing.

Transferring EDD Funds to Your RCU Account

Learn how to set up one-time or recurring transfers from your California EDD debit account to your RCU account here, and find additional helpful information on how to access your EDD funds here.

For more information on support for RCU Members, visit our Coronavirus resource page.