What is an Economic Impact Payment and how might it affect me?

On or around March 17th, 2021, the Internal Revenue Service (IRS) and the Treasury Department will begin delivering a third round of Economic Impact Payments (EIP) to millions of Americans as part of the American Rescue Plan, signed on March 11th, 2021. These payments are designed to provide support to citizens facing financial hardship due to the COVID crisis in the U.S., and are a follow-up to the first and second round of payments sent in April 2020 and January 2021.