You can be on Entrepreneur’s cover!

Treasury Sending Out 4 Million Prepaid Debit Cards With Stimulus Money The IRS has so far delivered about 140 million relief payments, mostly by direct deposit. About 4 million Americans are expected to be sent debit cards this week loaded with their relief payment.

By Tanza Loudenback

entrepreneur daily

This story originally appeared on Business Insider

Jean Sebastien Evrard/Getty Images via BI

The Treasury Department on Monday announced plans to deliver millions of remaining relief payments by prepaid debit card this week.

"Treasury and the IRS have been working with unprecedented speed to issue Economic Impact Payments to American families," Treasury Secretary Steven Mnuchin said in a statement. "Prepaid debit cards are secure, easy to use, and allow us to deliver Americans their money quickly. Recipients can immediately activate and use the cards safely."

Since mid-April, about 140 million Americans have received relief payments totaling $239 billion, mostly by direct deposit. If the IRS didn't have a person's bank information from previous tax returns or submissions to its new online tools, the agency mailed paper checks. Some federal benefits recipients also received their payments by Direct Express card.

About 10 million Americans qualify for payments under the CARES Act but have yet to receive them. The Treasury says about 4 million people will get the prepaid Visa debit cards, issued by MetaBank, this week.

"EIP Cards are being distributed to qualified individuals without bank information on file with the IRS, and whose tax return was processed by either the Andover or Austin IRS Service Center," the Treasury statement said.

The debit cards will be sent from Money Network Cardholder Services, according to a Frequently Asked Questions page. Enclosed will be instructions on how to activate the card. Only one card will be provided per family. The cards can be used to withdraw cash from an ATM, transfer funds to a bank account, or make purchases wherever Visa is accepted.

Recipients of the prepaid card will be able to register the card for online access and visit EIPCard.com to check their balance and transaction history.

The relief payments are largely based on adjusted gross income reported on 2018 and 2019 tax returns. Anyone with a Social Security number who isn't claimed on someone else's tax return as a dependent — and earns below $99,000 as a single filer, $198,000 as a joint filer, and $136,500 as a head of household filer — is in line to receive a payment. Nonfilers and people who receive federal benefits also get payments.

Couples who file jointly could get up to $2,400, and individual filers can get up to $1,200, plus an extra $500 a child under age 17.

Tanza writes for the lists team at Business Insider. She recently graduated from Elon University with a degree in print and online journalism and a minor in Italian studies. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

This Dad Started a Side Hustle to Save for His Daughter's College Fund — Then It Earned $1 Million and Caught Apple's Attention

In 2015, Greg Kerr, now owner of Alchemy Merch, was working as musician when he noticed a lucrative opportunity.

Business News

I Designed My Dream Home For Free With an AI Architect — Here's How It Works

The AI architect, Vitruvius, created three designs in minutes, complete with floor plans and pictures of the inside and outside of the house.

Growing a Business

Bantam Bagels' Founder Fell Into a Mindset Trap 'People Don't Talk About' After Selling the Now-Defunct Business for $34 Million — Here's What Happened

Elyse Oleksak and her husband Nick founded their mini bagel business in 2013 — and it was an instant hit.

Business Solutions

Get an Extra 20% Off the Price of Microsoft Office for Mac or Windows Through April 16

Boost your productivity with special pricing on these proven products.

Business News

X Is Suddenly Prohibiting Users From Hiding Their Blue Checkmarks

Earlier this month, X gave blue checkmarks to accounts with over 2,500 verified users — regardless of whether or not they opted in.

Management

The Best Communicators Follow These 3 Rules When Talking to Those in Authority

Here's to turn a communication mishap into a powerful communication framework.When you are clear about the kind of communication you need, it's easier for people to say the right things and take the right actions.