Catalyst News

Are You Prepared for the New Stimulus Payments?

by Catalyst Corporate | Jan 04, 2021

The Coronavirus Response and Relief Supplemental Appropriations Act of December 27, 2020, authorizes a second round of Economic Impact Payments (EIPs) to be made by the IRS by January 15, 2021. Release of ACH files to financial institutions was set to begin as early as December 30 or 31, for settlement this first week of January.

The EIPs (EIP2s) made by ACH direct deposit will be identified with the following information:

  • Company Name: “IRS TREAS 310”
  • Company Entry Description: “XXTAXEIP2”
  • Other identifying information (ODFI Routing Numbers and Company Identifications) provided by the U.S. Treasury’s Bureau of the Fiscal Service

Nacha has compiled a helpful list of FAQs on these payments. Access the FAQs on their website here. If you have additional questions, contact Catalyst Corporate’s ACH Team.