What you need to know about the CARES Act

Jeff Hui

 · 04/14/2020  · 04/14/2020

Whether it’s sticking our heads out of windows and cheering for healthcare workers or 3D printing face masks for those on the frontlines, in the face of adversity, we have found ways to stick together and be there for one-another. At the end of March, congress reached an agreement and passed the CARES Act, a sweeping stimulus bill that will support millions of us Americans through these difficult times.  

Some of the nuance of this stimulus plan is a bit confusing, so we’re here to help educate you on what benefits you may qualify for and how best to receive them.

Am I eligible for the CARES Act’s Economic Impact Payment? ✅

For starters: you do not need to apply for the CARES Act to receive its Economic Impact Payment (EIP). Eligibility is entirely based on your 2019 (or 2018 if you haven’t already filed) tax return and the money will be sent to you either via direct deposit or physical check.

For independents 👩

To qualify, you have to have an adjusted gross income of equal to or less than $99,000 as a single tax filer. That being said, only tax filers who are earning $75,000 or less per year will receive the maximum amount of $1,200. Those who are in-between $75,000 - $99,000 range will receive a reduced payment.

For married couples 👫

Similarly, married couples who filed joint tax returns who make a total of $150,000 or less will receive a total stimulus payment of $2,400. Those who earn up to $198,000 are also eligible, albeit, for a reduced payment. If you’re interested in figuring out the exact payment you qualify for, Forbes released a calculator you can access here.

If you have children you may qualify for more 👪

Every dependent child you have under the age of 16 with a valid SSN qualifies for an additional $500 stimulus payment. There is no limit to how many dependent children are eligible in your family.

How Revolut can help you get your payment ✉️

Within the next few weeks, the Treasury will release an online portal that will allow you to receive your stimulus payment via direct deposit. To utilize this portal, all you will need are your Revolut account and routing numbers.

Accessing your Revolut account and routing information is very easy. All you have to do is:

  • Open your Revolut app and tap on the ‘Dashboard’ tab
  • Next, tap on ‘Accounts’ near the top
  • Finally, tap on your  ‘US Dollar Account’ to find your account and routing numbers

Once you submit this information to the Treasury’s online portal, we’ll get you your stimulus money as soon as it is processed. Be sure to keep an eye out for updates from the IRS and Treasury via this link.

In the meanwhile, here's how else we can help...

Get your paycheck early 💵

Getting paid early is an easy win that we’ll help you achieve. Simply set up your direct deposit with your employer using your Revolut account and routing numbers and we’ll get you your paycheck up to two days early. Use the same steps above to access your account and routing information today.

Track your spending, stress-free 📈

During strange times like these it’s important to know where your money is going. With Revolut we’ll help you stay on track with instant spending notifications and the ability to set monthly budgets for things like groceries and take-out. When you hit your budget limit, we’ll send you a quick ping to keep you in the loop.

Instantly send money to family, no matter where they are 💌

Now it’s even more important to have a quick and safe way to send money to your loved ones. Whether they’re across the street or across the world, we’ll help you get that money where it needs to be, in the currency that helps them the most.

We’re still here for you 24/7  🙋‍♀️

Despite the pandemic, our support teams are here for you 24/7 (albeit remotely). Should you need help with anything on your Revolut account, just send us an in-app chat support request and we’ll jump on it.