In response to the economic damage caused by the coronavirus pandemic, the U.S. government agreed to dole out economic impact payments to eligible Americans as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. As of early June, the IRS had sent out 159 million economic impact payments â€” with the standard amount being $1,200 per eligible adult â€” totaling $267 billion in relief funds.
Still, a recent MagnifyMoney survey of over 1,000 Americans reveals that for many, the economic impact payment process has not happened without a hitch. In fact, a staggering 1 in 4 Americans say they have experienced a problem with their economic impact payment.
Overall, our survey found that a staggering 1 in 4 Americans has experienced some kind of problem with their economic impact payment. For those who did report having a problem, the most prevalent issue to plague respondents was that they have qualified for a check, but have not received one yet (41%).
Of those who reported having a problem with their economic impact payment, other common issues that our survey respondents experienced included:
Meanwhile, 8% of survey respondents that reported having a problem did not specify what that problem was.
For those who did respond that they had experienced an issue with their economic impact payment, many took action to resolve the issue. Specifically, we found that 28% called the IRS, 16% returned the money to the IRS, 13% checked with a financial advisor and 12% contacted the IRS over social media. Meanwhile, 25% of respondents said that they have not done anything yet but intend to, while a surprising 16% donâ€™t intend to remedy the problem at all.
Ultimately, more than half (54%) of those who initially reported a problem were able to get the issue resolved. However, that still leaves a large portion (39%) waiting for answers.
The economic impact payments were initially sent out to Americans in April, and our survey reveals that they have since financially helped out many Americans â€” but not all.
Overall, we found that while 48% of respondents who received a check said that it helped their financial situation a bit and 39% said it helped their financial situation significantly, 13% said it â€śbarely made a dent.â€ť Among the most prevalent of those who said their economic impact payment did not help their financial situation were those in Gen Z and people who were laid off or furloughed due to the pandemic.
Our survey also revealed another interesting finding: A significant amount of Americans are counting on a second wave of economic impact payments. While Democratic lawmakers have been proposing a second round of economic impact payments, the legislation has a long way to go before becoming a reality. Still, 27% of survey respondents said they are â€ścounting on getting another stimulus check,â€ť while 35% said they are â€śhoping to receive another oneâ€ť but are unsure if it will happen.
Those who are expecting to receive a second round of economic impact payments surprisingly include a third of Republicans and a stunning 39% of those with a household income of $100,000 or more. However, parents of children under 18 are counting on getting another stimulus check more than any other demographic, with 41% hoping for another round of funds.
The U.S. Department of the Treasury and IRS announced on June 3 that 159 million economic impact payments, totaling over $267 billion, were sent out in the past two months. However, as our survey underscores, the U.S. government has acknowledged that not everyone who is eligible for an economic impact payment has received one yet, as the CARES Act allocated $300 billion toward the payments.
If you are eligible for an economic impact payment and are still waiting to receive yours, consider taking the following actions recommended by the U.S. Department of Treasury and the IRS:
If you cannot wait, you can call the Economic Impact Payment line at 800-919-9835, though you should note that call volumes are currently high and you may experience longer waits.
MagnifyMoney commissioned Qualtrics to conduct an online survey of 1,041 Americans, with the sample base proportioned to represent the overall population. We defined generations as the following ages in 2020:
The survey was fielded June 2-3, 2020.