Am I Eligible to Receive an Economic Impact Payment?

September 24, 2020

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By this point in the economic stimulus conversations that transpired this past spring, the eligibility requirements for the first Economic Impact Payment were clear. With heated and persistent debates continuously delaying the second Economic Impact Payment, the information we’re all looking for now may be harder to find.

But so far, it seems that the requirements and parameters of the second Economic Impact Payment will largely remain the same. The one significant difference that we’ve seen so far is that the payment for dependent children may be extended to those over the age of 16. More information on this to come.

While they work out the rest of the details of the second coronavirus relief package, let’s talk about what we know so far. According to the IRS, you may be eligible for the second round of $1,200 per person and $500 per qualifying child if you:

Are a United States citizen, permanent resident, or qualifying resident alien
Have a work-eligible Social Security number
Haven’t been claimed as a dependent on someone’s taxes

If you haven’t had to file tax returns in the last two years because your income fell below the limits ($12,200 individual or $24,400 married), you may still be eligible. You can use the IRS’s non-filer tool to enter your information, confirm your eligibility, and tell them where to send the payment when it’s ready.

You can enter your information through the non-filers tool from now until October 15, 2020. Visit the IRS’s website for timely updates and more information regarding Impact eligibility.

Coronavirus

Spotloan is a brand owned by BlueChip Financial ("BlueChip"), a tribally-owned entity organized under and governed by the laws of the Turtle Mountain Band of Chippewa Indians of North Dakota, a federally recognized Indian tribe (the "Tribe"). BlueChip is located on, operates within, and originates and services loans from the Tribe’s reservation. Though Spotloans are available to residents of certain states, consumers should know that BlueChip’s lending license is issued by the Tribe's Lending Commission, and not by the states in which its consumers may reside. Although the visitation is electronic, consumers are coming on to the Tribe’s reservation and subject to the Tribe’s jurisdiction to obtain a Spotloan.

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