The move comes after the company failed to convince the United States Treasury to let it distribute the stimulus funds to segments of the U.S. population.
Within hours of the Internal Revenue Service (IRS) green-lighting the distribution of stimulus funds to citizens who don’t file tax returns on April 10, Square users can accept payments issued under Coronavirus Aid, Relief, and Economic Security (CARES) Act directly into their Cash App balance.
A post on Square’s website 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.”
On the same day, Square launched an online portal to make it easy for non-tax paying users to request payments to their Cash App account from the IRS. A similar portal will be rolled out on April 17 to also allow taxpayers to request that the payment is made to their Cash App balance.