2020 – 05/01 Are you waiting for an Economic Impact Payment (EIP)? You may get a prepaid debit card rather than a check. On April 27, U.S. Treasury Secretary Steven Mnuchin said the government is “going to be supplementing our capability and sending prepaid debit cards so we can get money out quickly to people.” The IRS has awarded contracts to two entities to issue the cards, according to news reports. To mitigate the effects of the coronavirus (COVID-19) crisis, eligible taxpayers are receiving EIPs of up to $1,200 or $2,400 for married couples. Parents also receive $500 for each qualifying child. The IRS has already made more than 89 million EIPs through bank direct deposit and paper checks.

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