Updated 07/19/2021

As the Pandemic evolves, we continue to focus on the health, safety, and well-being of our Members, team, and communities. Below you'll find information about all the ways we are here to help. 

Economic Stimulus Information

As a financial co-operative, we understand more than most exactly what it means to help each other. So in times like this, we lend more than a hand. As news about COVID-19 continues to evolve, we want to ensure we are a resource to help you navigate the waters. 

The page will continue to be updated, along with our social media channels where you can follow us on Twitter, FaceBook, Instagram, and Linked In. 

Child Tax Credit: Amounts, Eligibility

The IRS began sending half the total Child Tax Credit in advance monthly payments to millions of families starting July 15, 2021. We looked into the details so you know what to expect.

If you have kids and you file taxes, don't be surprised if the Internal Revenue Service starts sending you monthly payments until the end of the year.

It's not leftover stimulus money, and it's not remnants of your 2020 tax refund. These are advance monthly payments of the 2021 expanded Child Tax Credit.

Other Resources:

Easily deposit your check with our mobile app.

Child Tax Credit Caclulator

What to Do with Your Stimulus Check

Stimulus Check Calculator

Please Note: Excite Credit Union will not charge you an overdraft fee to access your stimulus or child tax credit money.  If your account was overdrawn prior to your stimulus or child tax credit deposit and accessing your stimulus or child tax credit funds resulted in an overdraft fee, please log in to online/mobile banking and send us a secure message with the details. Please allow 48 hours for research and credit to your account. Thank you for your patience and understanding.

Answers to your Child Tax Credit Questions

Read on to find out if you're eligible, how much you might receive, and how you can get payments due to you.

No, not everyone. Whether you receive a payment depends on the age of your children, where you live, and if you claimed the credit on either your 2019 or 2020 return. It also depends on your income. If you are eligible, the first step is to be sure you filed your 2020 tax return because the IRS needs information such as your address and deposit method from that return to get payments to you.

Qualifying Children

Families may be eligible if their child is a U.S. citizen with a social security number, and is 18 or younger by the end of 2021. Families with full-time college students through age 24 may also be eligible for payments. (Check out the IRS FAQ for conditions and exceptions if you want more details.)

Eligible children in your care could include your child, stepchild, adopted child, foster child, sibling, half-sibling, stepsibling or a descendent of any of them if they are under age 17 and younger than you.

You may be able to claim children who aren't related to you in any of these ways under the rules for dependent qualifying relatives (PDF).

Income Limits

Eligibility is also based on your adjusted gross income. If you have a qualifying child and make more than these amounts, your payment will be reduced by $50 for every $1,000 of income:

$75,000 if you are a single tax filer

$112,500 if you file as head of household

$150,000 if you file jointly with your spouse

Location Limits

If you have qualifying children and income within the limits, you're eligible if you live in one of the 50 U.S. states or Washington, D.C., for more than half the year. Your main home can be any location where you live for more than half the year, including a house, apartment, mobile home, shelter, temporary lodging or other location, and it doesn't need to be the same location.

The maximum Child Tax Credit payment is $3,600 for each qualifying child up to age 5, and $3,000 for each child age 6-17.

Half of the total amount will come as six monthly payments, so for each kid up to age 5, you would receive six payments of up to $300, and for each kid age 6-17, you'd receive six monthly payments of up to $250. You'll claim the other half of the credit when you file your 2021 taxes, due April 15, 2022: Up to $1,800 for each child up to age 5, and up to $1,500 for each child age 6-17.

If you have dependents who are 18 years old or full-time college students through age 24, the IRS will make a one-time payment of $500.

If your child changes age groups before the end of 2021, the IRS considers the child in the older group. CNET gives this example: If your 5-year-old turns 6, your maximum payment would be $3,000, and if your 17-year-old turns 18, you would receive $500.

The IRS has a tool called the Advance Child Tax Credit Eligibility Assistant to determine if you're eligible. CNET offers a calculator for you to estimate how much you'll receive.

You can either wait until you file your tax return in the spring of 2022 to receive the payment as a lump sum, or you can update your status in the IRS Child Tax Credit Update Portal to start receiving monthly payments.

Yes. Last year, the Child Tax Credit was $2,000 per qualifying child. This year's credit is expanded as part of the American Rescue Plan.

In most cases, nothing, as long as you filed your 2020 tax return. The IRS will send your payment according to the credit union account or bank account information you have on file. If you received a refund or the last stimulus payment, your Child Tax Credit payment would go to the same account.

 

If you have eligible children and income and lived in the U.S. for more than half the year, but you weren't required to file a tax return, the IRS has a non-filers tool where you can enter basic information the IRS needs to send your payments.

The fastest way to receive payments is by direct deposit to your financial institution. You can also receive payments by prepaid debit card or on a mobile payment app.

Be aware that there may be processing time before the payment clears your existing account, so the money might not be available on the same day it's issued by the IRS.

Check to see if you are enrolled to receive advance payments on the IRS Child Tax Credit Update Portal. You can also update your credit union account or bank account information if, for example, you changed to a different credit union or bank.

The IRS will issue six monthly Child Tax Credit advance payments on these dates:

July 15, 2021

Aug. 13, 2021

Sept. 15, 2021

Oct. 15, 2021

Nov. 15, 2021

Dec. 15, 2021

Depending on your financial institution, the funds might not be available right away.

If the IRS Child Tax Credit Update Portal shows the IRS issued payment but you don't receive it, you can request that the IRS track it for you.

The fastest way to see if your payment arrived is by setting up deposit alerts.

If you don't have an account but you decide to open one, you can update your information on the IRS Child Tax Credit Update Portal.

If you are unable to open an account or don't want to, you might be able to use a reloadable prepaid card to receive your Child Tax Credit payments. Be sure to get a card with an account and routing number you can provide to the IRS.

You might. The IRS is basing your 2021 Child Tax Credit on your 2019 or 2020 income information. If your income went up in 2021 because, for example, you got a new job, you might want to check whether you'd still be eligible. If not, but you receive payments, it might just mean a reduced second-half payment.

If the monthly payments you received total more than you are eligible for, you'll owe the IRS as part of your tax payment when you file your 2021 taxes.

If you don't know for sure and you'd rather not risk having to pay it back, you can unenroll in the advance payments on the IRS Child Tax Credit Update Portal. If it turns out you qualify after all, you'll receive a lump sum payment after you file your 2021 tax return. If you don't qualify, you won't receive a payment.

You can claim the child tax credit if the parent with custody agrees. If the noncustodial parent claims the Child Tax Credit, the custodial parent can't and vice versa. The IRS has a special rule for divorced or separated parents (PDF) that explains who qualifies and how this works.

If you have split custody and claimed the Child Tax Credit in 2020, but you won't claim it in 2021, the IRS might send you advance payments that you'd have to pay back. To prevent this problem, you can opt out of receiving the advance payments on the IRS Child Tax Credit Update Portal. Then you can file your taxes as usual in April, and the other parent can receive the credit as a lump sum.

Yes. People who are experiencing homelessness can claim the Child Tax Credit. The first step is to be sure you file your 2020 taxes with an alternate address — the address of a friend, relative, or trusted service provider like a shelter, drop-in day center or transitional housing program. If you can't choose direct deposit, the IRS will send a check or debit card to this address.

SBA Paycheck Protection Program (PPP)

The Economic Aid Act, recently passed by Congress, allocates additional funds to support the SBA Paycheck Protection Program (PPP). The approved $284 billion will be made available to both first time PPP borrowers as well as qualifying existing PPP borrowers in need of a second draw. 

As local businesses continue to struggle during the COVID-19 pandemic, Excite Credit Union has partnered once again with Kabbage to assist our members with the second round of Paycheck Protection Program loans. Please do not email or drop off applications as they will not be reviewed or processed.

Frequently Asked Questions About COVID-19 Stimulus and Support

From the U.S. Treasury Department: Eligible individuals will receive an Economic Impact Payment of up to $1,400 for individuals or $2,400 for married couples and up to $1,400 for each eligible dependent. For income qualifications, please visit the IRS.gov.

If you believe you are eligible for an Economic Impact Payment but have not received one, it could be for one of the following reasons:

  • You received a stimulus payment in the previous rounds but do not qualify this time because of the new income requirements.
  • The IRS has incorrect direct deposit information on file for you. If your payment is returned for this reason, the IRS will send a paper check to the address they have on file for you.
  • The IRS has an old or incorrect address on file for you. An option available to update your address on file is IRS Form 8822.

Excite Credit Union representatives cannot help with payment status. For more information, please visit irs.gov/coronavirus/get-my-payment.

The IRS has indicated that if your payment was delivered to a closed account, it will ultimately be delayed. If your deposit is rejected due to the account being closed, the IRS will issue your payment with a check mailed to the address on file for you. Per IRS regulations, we are not able to reactivate closed accounts for the purpose of posting a member's Economic Impact Payment, and we are not able to change the payment to a different Excite Credit Union account.

Scammers are using the stimulus package as a cover to commit fraud. They pose as the IRS and claim to need identity verification or offer additional money if you pay a fee, then they steal your information.

The scammers have a new trick in their books related to the COVID-19 Pandemic. It's a text scam created by these theives that tricks people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment. For more informaiton, click here. 

Head to the IRS website for updates on how to avoid identity theft.  

Congress passed a new stimulus package which was signed into law December 27, 2020. Included in this stimulus package is an additional round of funding for the SBA’s Paycheck Protection Program (PPP).

The approved $284 billion will be made available to both first time PPP borrowers as well as qualifying existing PPP borrowers in need of a second draw.

This new round of funding will be made available to qualifying businesses that did not participate in the first round of PPP,  especially minority- and women-owned businesses. On January 7, 2021, the SBA published program guidelines for this second round of funding and  applications are now opened for Excite Credit Union members.

We have partnered once again with Kabbage to assist our members with the second PPP loans. For more information, please visit Kabbage.

Applications for the PPP program will be accepted through March 31, 2021, or until the funding provided by the Economic Aid Act has been exhausted.

First Draw PPP Loans

If you did not take advantage of the Paycheck Protection program in 2020, you now have the opportunity to request a first draw loan. Also, some businesses who received a PPP loan in 2020 may be eligible for an increase or to reapply for a First Draw PPP Loan. Please see the SBA's Top-Line Overview First Draw PPP (PDF) for more information.

Visit the Paycheck Protection Program website for more information.

 

Second Draw PPP Loans

Existing PPP Loan borrowers may be eligible for a second draw loan. Please see the SBA's Top-Line Overview Second Draw PPP (PDF) for more information.

Visit the Paycheck Protection Program website for more information.

Are you dealing with financial hardships, such as income disruption or unexpected expenses related to COVID-19? Our Emergency Relief Loans are here to help you through this challenging time. 

EMERGENCY LOAN: We are offering up quick cash to help you with a fixed rate of 5.99% up to 60 months. Plus, there are no payments for the first 90 days so you have more time to get back on your feet.

Start Here

SKIP-A-PAY: Skip your next auto or personal loan payment. No fees. Just be current on your loans. It doesn’t count against your annual limit.

Start Here

Skip your next auto or personal loan payment. No fees. Just be current on your loans. It doesn’t count against your annual limit.

Start Here

Scammers are taking advantage of the pandemic and the confusion regariding things from stimulus checks to vaccines. Here are a few things to be aware of:

STIMLUS CHECK SCAM: They pose as the IRS and claim to need identity verification or offer additional money if you pay a fee, then they steal your information.

The scammers have a new trick in their books related to the COVID-19 Pandemic. It's a text scam created by these theives that tricks people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment. For more informaiton, click here. 

Head to the IRS website for updates on how to avoid identity theft.  

 

PHISHING SCAM: If you receive a phone call, text or e-mail purporting to be from Apple Support or Microsoft Support, DO NOT provide any account information. Disconnect from the call and call the company directly but not from the number that is appearing on your call. There should never be a scenario where any support team should require you to buy a gift card to resolve any problem.

 

SUSPICIOUS EMAILS: We will never use email to ask for sensitive information. Any sensitive information we collect on our website will be done behind the Online Banking Login using SSL protected pages.

If you receive any email claiming to be from Excite Credit Union, a government agency or other company claiming to represent us, that asks for your personal or financial information, PLEASE do not reply or click on any links that may be embedded in the email.

We ask that you forward suspicious emails immediately to: service@excitecu.org 

COMMON SCAMS: This section provides some tips from the Federal Trade Commission and the Internet Crime Complaint Center (IC3) that will help prevent you from being a victim.
https://www.consumer.ftc.gov/features/feature-0014-identity-theft

www.ic3.gov (file a complaint i.e internet crime)