New guide aims to assist work with accessing federal economic impact payments (EIPs)

Assisting intermediaries serving individuals to access their federal economic impact payments (EIPs) is the aim of a new guide announced Thursday by the federal consumer financial protection agency.

The Consumer Financial Protection Bureau (CFPB) said its guide – titled “Helping Consumers Claim the Economic Impact Payment: A guide for intermediary organizations” – provides step-by-step instructions for frontline staff on how to address the EIPs. Among the lessons:

  • Discuss the EIP with their clients;
  • Determine if clients need to take action; and
  • Support clients with what to expect and how to troubleshoot common issues.

In a release, the bureau said EIPs were automatically issued to many people based on information from other federally administered payments (such as Social Security, Supplemental Security Income, Veterans benefits) or their 2018 or 2019 tax returns.

The bureau said for those not required to file a 2019 tax return, the fastest way for them to claim their EIP funds is to enter their information in the IRS’s “Non-Filers Tool” on or before Oct. 15.

The bureau also noted that the Coronavirus Aid, Relief and Economic Security Act (CARES Act) urges all federal agencies to promote awareness of EIP. The bureau said it is working with IRS to contact persons not required to file tax returns because their income falls below filing requirements.

New CFPB Guide for Intermediaries to Assist Non-Filers to Access their Economic Impact Payments