CRRSA Act

CRRSA Act

How to access benefits and how we can help.

In late December 2020, the President signed the Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act — a $900 billion relief package providing a second round of financial aid to workers, families and businesses impacted by the pandemic as well as funding to aid in the distribution of COVID-19 vaccines.

We expect the most recent round of Economic Impact Payments (EIP) or stimulus payments will be available in German American Bank accounts beginning on Monday, January 4. See the guide below for details.

You can also visit the IRS Economic Impact Payment Information Center, where the IRS will post all key information related to Economic Impact Payments as soon as it becomes available.

We will continue to update this page with timely information as it becomes available.

CRRSA Act Guide

 
Benefits for individualsWhat you can do and how we can help

Direct payment to tax payers

Tax credits in the form of checks or direct deposit in the amount of:

  • The maximum payment for an individual is $600. The $600 limit will also apply to dependents.
  • This means that a family of four could receive a payment of $2,400. The maximum benefits will apply to individuals with an income below $75,000 per their 2019 tax returns.
  • Those with incomes higher than $75,000 will receive a prorated amount until the cut-off for any payment at all for those earning $87,000 if they have no dependents.
  • For couples, the full benefit will apply to those earning up to $150,000 and will taper off as their income approaches $174,000.

The IRS will calculate and automatically send payments to those taxpayers who are eligible to receive them.

No action is needed for qualified individuals to receive this benefit

If you have a German American Bank account on file with the IRS (for direct deposit of tax refunds or Social Security benefits), you will likely receive your payment electronically.

German American Online and Mobile Banking users with deposit alerts activated will be immediately notified of the deposit. If you are not an Online or Mobile Banking user, you can enroll today by using the following links: Online Banking  |  Mobile Banking

If you do not have an account with the IRS, you will most likely receive a paper check. You can deposit that check at our offices or in the convenience of your own home using Mobile Check Deposit available through the German American mobile app.

The information above does not constitute the rendering of legal, accounting, tax or other professional services or advice by German American Bank or any of their subsidiaries or affiliates and is provided without any warranty whatsoever.

Avoid stimulus funds scams

When it comes to your stimulus funds, be on the lookout for scammers. Do not fall for phone calls, texts, emails or websites that ask for personal or financial information in order to receive the Federal payment.