MJP –
Amid the COVID-19 crisis, the United States government distributed financial aid in the form of stimulus checks to support taxpayers facing economic uncertainty. Three checks were handed out as part of the CARES Act, Consolidated Appropriations Act (CAA), and American Rescue Plan Act (ARPA).
According to Pandemic Oversight, a total of $814 billion was distributed to American households across the three payment rounds. Nevertheless, gossip regarding an $8,700 economic relief payment has recently begun spreading across the internet. In this piece of writing, we will delve into the trustworthiness of the assertion.
Does an $8,700 stimulus check truly exist?
Rumors have been circulating online recently about the IRS distributing an $8,700 stimulus check, with different unofficial sources referring to a suggested increase in the Child Tax Credit, according to The US Sun.
According to these statements, the proposed plan aimed to support families in need by providing monthly payments of $350 per child, totaling up to $8,700 over six months beginning on June 15th.
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Image – Times Now
Nevertheless, no government entity has officially verified this information. Following the spread of these rumors, the IRS shared a tweet urging Americans to exercise care when submitting their yearly tax forms.
On X, previously known as Twitter, the agency stated, “A wide array of social media content exists, encompassing a plethora of erroneous tax guidance that may jeopardize your financial security.”
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Could you tell me about the stimulus checks issued during the Covid-19 pandemic?
The measure allowed Americans to get a single, immediate cash transfer of $1200 in addition to $500 for each child. In the meantime, on December 21, 2020, Congress gave the green light to a financial package worth $2.3 trillion. After six days, Trump put his signature on the CAA stimulus bill.
According to Investopedia, the legislation consisted of $300 weekly in extra unemployment benefits, $600 in direct payments to individuals, over $325 billion in small business loans, more than $80 billion for schools, and $69 billion for the development and distribution of vaccines. Before President Joe Biden signed the $1.9 trillion ARPA of 2021 on March 11, 2021, the legislation had already been put into effect.
To what extent can Americans truly lay claim to?
While the talk of receiving an $8,700 stimulus check may not be accurate, Americans are still eligible to receive specific payments under the current Child Tax Credit legislation.
According to the IRS, starting in 2023, a tax credit of up to $2,000 per eligible child is available if they meet the requirements.
To be eligible for the tax credit, a child must possess a Social Security number, be younger than 17 by the conclusion of 2023, and be listed as a dependent on tax filings.
