Dear Community Banker:
Following this week's signing of the economic stimulus package into law, the federal government released information on the distribution of Economic Impact Payments to individuals and families.
Here's what we know now:
- The Treasury Department issued ACH details on the direct payments and said financial institutions should be prepared to begin receiving EIPs with a new company entry description, effective immediately.
- Treasury and the Fed are hosting an "Ask the Fed" webinar at 2 p.m. (Eastern time) tomorrow, Dec. 30, on what bankers need to know about the EIPs.
- ICBA is continually updating its frequently asked questions on the EIPs with the latest information as it becomes available and separately offers a summary of the community bank provisions of the stimulus package.
The swift distribution of these direct payments—which must be processed by Jan. 15—requires community bankers to ensure sufficient cash on hand and staff support to handle customer inquiries and payment exception processing.
With the government expected to release additional information on the EIPs in the coming days, ICBA will continue updating its FAQs with the very latest on these stimulus payments.
