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1 1 (October 06, 2020)

handle is hein.crs/govdcdg0001 and id is 1 raw text is: Researh Sevice Delivery of Economic Impact Payments (EIPs) Updated October 6,2020 To mitigate the financial hardship manyAmericans are experiencing during the Coronavirus Disease (COVID- 19) pandemic, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). Acritical element of the aid package is direct payments to certain individuals in 2020. The payments are referred to as recovery rebates in Section 2201 of the act, but the Internal Revenue Service (IRS) refers to them as economic impact payments (EIPs) in the information about the payments it sends to the general public. (For more information on these payments, see CRS Insight IN11282, CO VID-19 and Direct Payments to Individuals: Summary of the 2020 Recovery Rebates/Economic Impact Payments in the CARES Act (PL. 116-136).) This Insight summarizes the delivery of EIPs so far and identifies issues that have delayed the delivery of payments to certain low-income individuals. Delivery of Payments The IRS is administering the EIP program, with assistance from the Treasury Department's Bureau of the Fiscal Service, which is issuing the payments. In doing so, the IRS has drawn on its experience in administering a similar payment program established by the Economic Stimulus Act of 2008 (ESA, P.L. 110-185). The CARES Act provided the IRS with $500.7 million to implement the program; the funds are available for obligation until September 30, 2021. Congress appropriated $270 million for the IRS to implement the 2008 stimulus payments. EIPs have been distributed to three groups of taxpayers: * eligible individuals who filed a return in 2019 (or in 2018 if no 2019 return is filed before payments are disbursed); * eligible individuals who were not required to file a return for either year and who received Social Security (SS) benefits, Railroad Retirement (RR) benefits, Supplemental Security Income (SSI), or certain Veterans Administration (VA) benefits in 2019; and Congressional Research Service https://crsreports.congress.gov INI 1393 CRS MNS GHT Preipa redr -c-Membersand Com0 n.. teesoe on mcC n ------------------------------------------------------------------------------------------------------------------------------------....................................----------------------------------

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