with Tonya Riley
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Silicon Valley companies are advertising services that they say will let Americans more quickly access the $1,200 stimulus checks that the federal government began doling out this week.
More than 80 percent of Americans are eligible for a stimulus check under the CARES Act relief package, but actually getting money in their pockets quickly is a massive technological challenge.
These fintech companies say they can help speed up the bureaucratic process.
- Intuit launched a “2020 Stimulus Check Calculator,” where people can check whether they’re eligible for a stimulus check. If they haven’t filed taxes yet this year, the website directs them to use TurboTax’s services to prepare their 2019 returns, so they can receive their refund and stimulus check via direct deposit more quickly. If they don’t need to file taxes, the website directs them to set up a TurboTax Online account to ensure the government has access to their information.
- PayPal is directing people to have their stimulus check deposited to a PayPal Cash Card account, essentially a debit card that is accepted anywhere Mastercard works. The company has said this product could be particularly useful for many unbanked Americans to access the checks. It’s free to deposit the check with