During the COVID-19 pandemic, the US government issued stimulus checks to assist taxpayers in managing economic instability. Three rounds of payments were distributed under the CARES Act, the Consolidated Appropriations Act (CAA), and the American Rescue Plan Act (ARPA), amounting to a total of $814 billion, according to Pandemic Oversight. Recently, rumours about an $8,700 stimulus check have been circulating online. In this article, we will examine the credibility of these claims.
Is there really an $8,700 stimulus cheque?
Rumors about the IRS distributing an $8,700 stimulus check have recently surfaced online, with various unofficial sources, including The US Sun, citing a proposed expanded Child Tax Credit. These claims suggest that the proposal aims to support struggling families with monthly payments of $350 per child, totaling up to $8,700 over six months starting June 15th.
However, no official confirmation has been provided by any government agency. In response to these rumors, the IRS issued a tweet advising Americans to be cautious when filing their annual returns. “There are many different kinds of social media content,” the agency wrote on X, formerly Twitter, adding, “including tons of misleading tax advice that can put you at risk.”
What were the Covid-19 pandemic stimulus cheques?
In March 2020, then-US President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act/Phase Three) into law. This act provided Americans with a one-time, direct cash payment of $1,200 plus $500 per child. Additionally, on December 21, 2020, Congress approved a $2.3 trillion funding package, which Trump signed into law six days later as part of the CAA stimulus legislation.
According to Investopedia, the bill included $300 per week in additional jobless benefits, direct payments of $600 to individuals, $325 billion in small business loans, more than $80 billion for schools, and $69 billion for vaccine development and deployment. This legislation was followed by the $1.9 trillion American Rescue Plan Act (ARPA) of 2021, which President Joe Biden signed into law on March 11, 2021.
How much can Americans actually claim?
Although the rumors about an $8,700 stimulus check may not be accurate, Americans can still claim certain payments under the existing Child Tax Credit Law. According to the IRS, as of 2023, the tax credit is up to $2,000 per qualifying child who meets the eligibility criteria. To qualify for the credit, a child must have a Social Security number, be under the age of 17 at the end of 2023, and be claimed as a dependent on tax returns.
Matt Pinner is a dedicated journalist for WVPrepBB.com, specializing in USA and crime news. With a keen eye for detail and a passion for uncovering the truth, Matt brings timely and insightful reporting to his readers. His work on WVPrepBB.com keeps the community informed and engaged with the latest developments in national news and criminal justice.
