CARES Act and Stimulus Package

What the CARES Act Means for You

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March, 27, 2020. The purpose of this economic stimulus bill is to provide relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak, and to provide additional resources to treat and prevent the spread of the virus.

Included in the CARES Act are one-time “economic impact payments,” or more commonly referred to as a “stimulus payments”, that will be administered by the Internal Revenue Service (IRS), beginning as early as mid-April.

We have provided some helpful resources to help you determine the stimulus amount you may receive.

  • A list of frequently asked questions
  • Guidance for your AAGCU accounts.
  • Fraud and scam prevention tips.

And, as always, we are here to help. Learn more about our Emergency Loans and Skip-A-Payment programs.

Frequently Asked Questions

Who is eligible for the economic impact payments, and how much will they receive?

For purposes of the economic impact payments an ‘eligible individual’ means any individual other than:

  • Any nonresident alien individual;
  • Anyone who was claimed as a dependent on another person’s tax return; or
  • An estate or trust.

The rebates include:

  • $1,200 for an eligible individual ($2,400 in case of eligible individual filing a joint return; and
  • $500 per qualifying child.

The amount of the rebate will start phasing out based on the taxpayer’s adjusted gross income. The phase out starts at $75,000 for individuals, $112,000 for head of household, or $150,000 for married filing jointly. The payment amount is reduced by $5 for every $100 of the taxpayer’s income that exceeds the phase-out threshold and is completely eliminated for single filers with incomes over $99,000, $146,500 for head of household filers with one child, or joint filers with incomes over $198,000 with no children.

These direct cash payments are intended to provide a boost to the current struggling economy by giving money to those who are in the most need of additional support.

This is based on information provided on as of 4.1.2020.

When will I receive my payment?

As of March 30, 2020, the Treasury Department and Internal Revenue Service announced that distribution of economic stimulus payment will begin in three weeks and will be distributed automatically. That means payments will start being received as of April 15th.

This is based on information provided on as of 4.1.2020.

How will I receive my payment?

The payments will be direct deposited into the account you provided on your 2019 tax return. If you did not file a 2019 tax return yet, the direct deposit will go to the account you provided on your 2018 tax return.

If you did not provide your account information to receive your tax returns by direct deposit for either year, the IRS is developing a web-based portal where you’ll be able to provide your direct deposit information to them. You’ll want to check for updates.

If the IRS does not have an authorized account to send the rebate to electronically, a Treasury check will be mailed.

The CARES Act does not contain a specific date other than to say the rebates should be sent as rapidly as possible. Payments have begun issuing as of April 10.

In most cases the IRS will transfer the ACH payments over a three-week period starting April 10 for an estimated 60 million Americans who have direct deposit set up with the IRS.

For the remaining individuals, checks will likely begin to be cut by May 5th, at a rate of about five million checks a week. Some eligible consumers may not receive checks until August. The government is sending the checks based on income, with the lowest income individuals receiving checks first.

I have not filed my tax return for 2018 or 2019. Can I still receive the payment?

Yes. You will need to file your 2018 or 2019 tax return as soon as possible. Make sure to include your Direct Deposit banking information on the return. You’ll need our routing number and your account number.

Will I be taxed on this payment?

No, this stimulus payment is not taxable.

The economic impact payments would not be counted as taxable income for the recipients since the payment are a credit against tax liability and are refundable for taxpayers with no liability to offset.

Will I be eligible for the payment if I have a lien against me, but I am in a non-collect status?

Yes. Stimulus payments will not be subject to garnishment, except if back child support is owed.

Where can I view the CARES Act for myself?

You can view the CARES Act online here.


Guidance for Your Accounts

Though the IRS is still working out details for how stimulus payments will be disbursed and when, we have a few recommendations to help you prepare.

  • Direct Deposit
    The IRS has reported your stimulus payment will be made via direct deposit to the account where your 2018 or 2019 tax return was deposited, whichever is applicable. The IRS has promised an online process for reporting a new/different account number. You can watch for news on their website at When ready, you will need our AAGCU Routing number, and your account number.

You can find your AAGCU account number by logging in to online or mobile banking.

  • Branch Night Drop Box
    Deposits placed in the night drop are processed either the same day or the next business day. This is available at our SeaTac branch.
  • Branch Drive Thru
    Our branch drive-thru at our SeaTac branch is open 9am-5pm to help you.
  • In Branch Deposits (if receiving a printed check)- See details on our Branch hours and options here

Avoiding Stimulus Payment Fraud

We are vigilant about protecting your privacy and the security of your accounts, but we can’t do it alone – it’s important that you also arm yourself with knowledge to help prevent falling victim to a fraudster’s schemes.

The Federal Trade Commission (FTC) recently cautioned consumers that though details are still being worked out for how and when the government will issue stimulus payments, that’s not stopping criminals from attempting to gain access to your money.

The FTC shares the following important things to know:

  1. The government will not ask you to pay anything up front to get your stimulus money. No fees. No charges. No nothing.
  2. The government will not call to ask for your Social Security number, bank account, credit card number, or online banking passwords. Anyone who does is a scammer.
  3. The details about how and when you’ll receive your stimulus payment are still being finalized. Anyone who tells you they can get you the money now is a scammer.

Remember: no matter when the stimulus payments are distributed, only scammers will ask you to pay to get it. If you spot one of these scams, please tell the Federal Trade Commission.

You can keep up to date with the latest Coronavirus-related scams here.

If you want to learn more, visit our Fraud Alerts page to understand how to protect yourself during this time. Or learn how to protect yourself from scams here.

Helpful Links:

Contact us at: 206-824-9800  or email us at with your questions or concerns.

Alaska Air Group Credit Union
Seattle Office
(206) 824-9800
Anchorage Office
(907) 563-5335