US taxpayers can get their government funds quicker through Square’s Cash App
n response to the widespread coronavirus pandemic that has been hitting the US and causing most industries to be shut down, governments are ready to issue several stimulus payments. After an initial attempt at negotiation a deal with the government to make distribution of the payments easier, Square, and its cryptocurrency-enabled Cash App, found a brick wall. However, Cash App is allowing citizens and residents who are not used to filing tax returns to redirect the stimulus payments received from the government to the mobile app.
The Internal Revenue Service (IRS) has now given the green light for the stimulus funds to be distributed to citizens who are not filing tax returns on April 10. Square attempted to convince the United States Treasury to let it distribute the stimulus funds to certain groups of the US population through its Cash App, but the government declined the request. However, Square users can accept payments that were issued under the Coronavirus Aid, Relief, and Economic Security (CARES) Act into their Cash App balance. The company has posted a statement on its website in which it explains that the app will provide “routing and account numbers that you can use to deposit your stimulus payment directly to your Cash App balance.”
Square went even beyond that to assist people who don’t pay taxes. An online portal was created to make the process even easier to request the balance from the IRS to go to the Cash App. In addition to that, on April 17, the company will present a very similar portal, this time directed to taxpayers who want to have their funds deposited into their Cash App balance.
These actions followed up a discussion among executives representing Cash App and fellow digital payments platform, Venmo, and the U.S. Treasury regarding offering help in disbursing the stimulus package.
