There has been a flurry of excitement and speculation regarding a potential $8700 stimulus check from the IRS. This has understandably piqued the interest of many, given the financial challenges that have persisted in the aftermath of the COVID-19 pandemic. However, upon closer examination of the facts and statements from official sources, it becomes clear that such rumors are unfounded.
What is a Stimulus Check?
Firstly, it’s essential to understand that stimulus checks have been a critical part of the government’s response to economic crises. They were notably distributed during the COVID-19 pandemic to alleviate financial stress for millions of Americans. These payments were made in several rounds, with varying amounts based on eligibility criteria set by legislation. According to the ongoing rumor only households that earned less than $75,000 per year would qualify for the stimulus check and married couples that earned up to $150,000 per year would also be eligible.
Is there an $8700 Stimulus Check coming?
In truth, the rumors of a stimulus check stemmed from the Expanded Child Tax Credit recently approved by the President Joe Biden. As earlier stated, not every American will be eligible for this as President Joe Biden allegedly wants to help struggling families with monthly payments of $350 per child (up to $8700) over six months beginning on June 15, 2024.
The rumor of an $8700 stimulus check seems to have originated from online discussions and searches but lacks any substantial backing from credible news outlets or government announcements. In fact, a fact-check by Snopes has categorically stated that this claim is false. Similarly, an IRS spokesperson has directed inquiries to a press release about scams promising new Economic Impact Payments, emphasizing that “while the stimulus payments ended long ago, the related scheme has evolved and changed as scam artists look for new ways to adjust their message to trick people”.
Moreover, Robert Marvin, a media relations specialist at the IRS, pointed to a July 2023 press release that warned the public about scams involving fake stimulus payments. This further reinforces the notion that no such $8700 stimulus checks are being issued.
About the expanded Child Tax Credit
The President of the United States has signed into law a significant expansion of the Child Tax Credit (CTC), marking a historic step in supporting American families and children. The newly approved legislation, part of the Tax Relief for American Families and Workers Act of 2024, will incrementally increase the maximum refundable amount per child over the next few years.
This policy change is expected to benefit approximately 16 million children from low-income families, providing much-needed financial relief and support.
Authentic sources of information
It’s crucial for individuals to remain vigilant against such misinformation and rely on official channels for updates regarding any future economic relief measures. The IRS regularly updates its guidance and announcements through its official website and press releases. Any legitimate information regarding stimulus checks or other forms of financial assistance will be communicated through these official avenues.
In conclusion, while the idea of an $8700 stimulus check may be appealing, it’s totally false and untrue. The rumors originated from the announcement of President Joe Biden signing the Expanded Child Tax Credit which will help struggling families with monthly payments per child starting from June 15.
The IRS has not announced any new stimulus checks as of June 2024. Individuals should exercise caution and seek information from reliable sources to avoid falling prey to scams or false hopes.
