During the current COVID-19 pandemic, fears arose not only due to this deadly virus but because of the negative financial impact the virus has had on the economy. Without a solid base of business operations, citizens are fearful of losing their homes, jobs, and the ability to feed the family. Because of the need for money, federal, state, and local governments are urgently providing stimulus money and are implementing regulations to keep the economy afloat.
The federal government has aggressively pursued providing payments to those who have qualified for this stimulus outflow. Electronic payments have been provided in the first stage of direct deposits into each taxpayer’s primary bank, one who has filed a federal tax return within the past two tax years. According to Steven Mnuchin, United States Secretary of the Treasury, the Internal Revenue Service (IRS) already has the banking information based upon those who have filed returns and received a refund by direct deposit, just show how the government received your banking information.Read More »