During the COVID-19 pandemic, the U.S. government issued stimulus checks to support taxpayers amidst economic uncertainty. Three rounds of payments were distributed under the CARES Act, the Consolidated Appropriations Act (CAA), and the American Rescue Plan Act (ARPA). According to Pandemic Oversight, these payments totaled $814 billion across the three rounds. Recently, rumors about an $8,700 stimulus check have been circulating online. This article examines the validity of this claim.
Fact Check: Is There Really an $8,700 Stimulus Check?
Recent internet rumors have suggested that the IRS is issuing an $8,700 stimulus check, with various unofficial sources referencing a proposed expansion of the Child Tax Credit, as reported by The US Sun. These claims allege that the proposal would provide 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 given by any government agency regarding this claim. In response to these rumors, the IRS issued a tweet advising Americans to be cautious when filing their annual tax returns. “There are many different kinds of social media content,” the IRS noted on X (formerly Twitter), “including numerous misleading tax advice that can put you at risk.”
What Were the COVID-19 Pandemic Stimulus Checks?
In March 2020, then-President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. This legislation provided a one-time direct cash payment of $1,200 plus $500 per child. On December 21, 2020, Congress approved a $2.3 trillion funding package, and President Trump signed the CAA into law six days later.
The CAA included $300 per week in additional unemployment benefits, direct payments of $600 to individuals, $325 billion in small business loans, over $80 billion for schools, and $69 billion for vaccine development and distribution, according to Investopedia. This was followed by the $1.9 trillion ARPA, signed by President Joe Biden on March 11, 2021.
How Much Can Americans Actually Claim?
Although the rumors about an $8,700 stimulus check are unfounded, Americans can still benefit from the existing Child Tax Credit. According to the IRS, as of 2023, the tax credit is up to $2,000 per qualifying child, provided the child meets the eligibility criteria. To qualify, 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 the taxpayer’s return.