CFPB updates, republishes consumer guide to COVID-19 stimulus relief

A question-and-answer blog post answering consumers’ questions about relief available to them related to the COVID-19 (coronavirus) pandemic was updated (from the April 10 version) and issued anew Thursday by the Consumer Financial Protection Bureau (CFPB).

The document answers questions about when people can expect to receive their economic impact payments (provided under the recently enacted Coronavirus Aid, Relief, and Economic Security Act (CARES Act); if they qualify and for how much they qualify; payments for those receiving Social Security retirement, disability, survivors, SSI, or veterans benefits; impact of filing taxes or not subject to filing on relief payments; how payments will be received (i.e., by direct deposit, check, or prepaid card); and, among other things, potential for garnishment of payments.

Regarding garnishment, the CFPB wrote that a person’s economic impact payment will not be subject to most types of federal offset or federal garnishment as a result of defaulted student loans or tax debt. However, the payments are still subject to federal garnishment if payment recipients are behind on child support. Additionally, the bureau wrote, payments may also still be subject to state or local government garnishment and also to court-ordered garnishments.

A guide to COVID-19 economic stimulus relief

CFPB info on garnishment