Square to Allow Users to Deposit Coronavirus Stimulus Relief Payment Directly to Cash App
The Internal Revenue Service and the Treasury Department launched a new web tool on Friday that will allow those Americans who don't file a tax return or had too little income to file to register for stimulus payments.
The IRS also shared that the stimulus payments will be distributed to most Americans from next week. IRS Commissioner Chuck Rettig in a statement said,
“People who don’t have a return filing obligation can use this tool to give us basic information so they can receive their Economic Impact Payments as soon as possible.”
If a US citizen or permanent resident made less than $12,200 or in case of a married couple $24,400 or didn’t file an income tax return in 2019, one can still apply for the $1,200 ($2,200 to married couples) and $500 per child stimulus.
According to the IRS, 80% of Americans are eligible to receive the stimulus payment.
Square’s Cash app now offers account and routing numbers to allow people to receive and deposit their stimulus payment directly to their Cash App balance. As per the official blog, to find them, you can tab the Banking tab on the bottom left of your Cash App home screen or get them by activating your free Cash Card.
“Get your $1,200 even if you didn’t file a tax return in 2019,” tweeted Twitter and Square CEO Jack Dorsey.
“Simple and fast instructions on how to get your $1,200 stimulus check from US govt (and yes, you can deposit it directly to cash app for instant use, no bank account needed).”
This stimulus program is in response to the unprecedented downturn the US economy is experiencing due to the coronavirus pandemic outbreak that has the states in a lockdown.
The US government is injecting cash into the economy and this is the CARES Act stimulus where these economic impact payments are being given directly to regular people for the first time in a long time.
And Cash app is helping people get it for instant use faster. The Cash app also allows its users to buy and sell BTC straight from its app. Last month, in an investor call, Square’s CFO Amrita Ahuja said they have been seeing “accelerated” adoption and “engagement” in Bitcoin during this market turmoil.
The company reported over $178 million in Bitcoin purchases volume in 4Q19 and over $516 million worth of BTC sales in 2019.