IRS launches stimulus check hotline so millions of Americans who haven’t received money can call
THE IRS has launched a stimulus check hotline for the millions of Americans who have yet to receive their money during the coronavirus pandemic.
Taxpayers struggling in the coronavirus-stricken economy will now have a better chance of getting their questions answered by calling the hot line at 1-800-919-9835.
In a Monday news release, the IRS announced: "Today, the Internal Revenue Service is starting to add 3,500 telephone representatives to answer some of the most common questions about Economic Impact Payments.
"IRS telephone assistance and other services will remain limited, and answers for most of the common questions related to Economic Impact Payments are available on IRS.gov.
"The IRS anticipates bringing back additional assistors as state and local advisories permit."
According to the IRS, most EIP questions will be answered through automated messages.
Anyone in need of more information can have the option to speak with an operator.
Despite the new phone line, the IRS is still encouraging people to use the IRS.gov website as it frequently posts up-to-date info about Economic Impact Payments (EIP) and the Get My Payment tool.
In addition to the helpful phone line, the Treasury revealed Monday that it is sending out four million prepaid EIP cards to hard-hit Americans - which will be received quicker than the eagerly awaited coronavirus stimulus checks.
The Economic Impact Payments card will hold COVID-19 cash and be distributed as a replacement for the paper government checks.
Approximately 140 million Americans got a cash injection totaling over $239 billion by direct deposit and by check if the IRS held their payment information — but many are still waiting.
The prepaid Visa card will allow Americans to make purchases, both in store and online, withdraw cash from ATM's and transfer funds to their personal bank account, whilst protecting them from fraud and loss.
The cards will be given to individuals without bank information on file with the IRS, and whose tax return was processed by either the Andover or Austin IRS Service Center, with instructions on how to use it.
On Monday, it emerged that the White House is looking into offering $5,000 pandemic stimulus checks in exchange for a delay in Social Security benefits, according to a report.
The policy proposal - called the "Eagle Plan" - would allow workers to take some Social Security benefits early and have future payments reduced.
Senior economic officials at the White House are researching a conservative scholar-backed stimulus measure, according to The Washington Post.
However, the White House has reportedly already rejected the plan.
Meanwhile, a new report shows that the stimulus checks will not cover close to 45 percent of the average family's month spend.
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The report by the LendingTee examined the income data from 98 US cities - with the higher number of families per capita - and shows that many households will struggle despite the checks.
As part of the $2.2 trillion CARES Act, furloughed and fired workers will receive a $1,200 payment from the federal government.
Each household is entitled to two $1,200 checks, plus $500 each for two dependents.
Yet, the average monthly spend for a two-parent, two-child home is $7,531 across the 98 areas surveyed meaning a $3,400 government check would only cover 45 per cent of most budgets.