The IRS announced Friday that it was launching a tool for eligible U.S. citizens and residents who don't usually file a tax return to obtain access to government coronavirus-related stimulus funds.
Hours after that decision, Square announced that it was adding a feature to allow users to direct those stimulus payments to their Cash App accounts. The IRS tool is being launched on April 17, according to a press release published by the agency., and the U.S. government is expected to begin transmitting payments and sending checks to eligible people in the coming days.
"Get your $1,200 even if you didn’t file a tax return in 2019," Square CEO Jack Dorsey wrote on Twitter.
"Cash App now offers routing and account numbers that you can use to deposit your stimulus payment directly to your Cash App balance," Square said in an explainer blog post. "To find them, tap the Banking tab on the bottom left of your Cash App home screen. If you don't see them, you can get them by activating your free Cash Card."
As The Block reported last month, Square's Cash App saw elevated bitcoin "engagement" amid the economic turmoil caused by the coronavirus pandemic and subsequent shutdowns ordered by state and local governments in the U.S.
"Adoption and engagement of fractional equity investing in Bitcoin has accelerated in recent weeks given recent market interest and volatility," CFO Amrita Ahuja said during an investor day call.