Many Americans are still awaiting their stimulus check nearly two months after the White House and Congress agreed to their $2 trillion stimulus package. For those who are still waiting to receive their payments, you may be receiving yours in a slightly different manner — via a pre-paid debit card. According to CNET, some individuals have been receiving their stimulus check in the form of a pre-paid debit card, and there's a particular reason why.
CNET reported that the United States Treasury Department is sending out pre-paid Economic Impact Payment debit cards (an EIP card) instead of paper checks for some individuals who do not have banking information on file with the government. On Monday, the U.S. Treasury shared that they would be sending out about four million EIP cards to certain Americans amidst the coronavirus pandemic. As for how you can use these cards if you do receive one, the Treasury Department said that you could similarly use them to a regular debit card. The Treasury noted that you could use the EIP card to make purchases, get cash from in-network ATMs, and transfer funds to your bank account without inducing a fee. Additionally, you can use the cards at locations that accept Visa debit cards. To set up your card, you can head to the official EIP card website to get started.
Like others who are entitled to a stimulus payment, if you do receive an EIP card, it will be worth up to $1,200. As a part of the White House and Congress' CARES Act, eligible Americans are entitled to a one-time check of $1,200 (or $2,400 for married couples filing a joint tax return). Individuals who claim children as dependents will also receive an additional $500 per child. Considering that many Americans have already received their payments as a part of this stimulus package, talk has now turned towards a possible, new stimulus package.
On May 19, House Democrats, led by Speaker of the House Nancy Pelosi, unveiled a new plan entitled the HEROES Act. This new package would grant eligible Americans $1,200 per family member and up to $6,000 per household. The House of Representatives passed this $3 trillion stimulus package on Friday, and the bill will now head to the Senate. However, many Republican lawmakers have already voiced their disapproval for this proposal. As a result, it's unclear whether or not this bill will officially be signed into law.