Is the IRS Giving Out $8,700 Stimulus Cheque? Here’s What Americans Can Claim

As the economic impact of the COVID-19 pandemic continues to resonate, rumors have emerged about a new $8,700 stimulus check. This article will clarify whether such a payment is truly on the horizon or just a misconception.

Background on Previous Stimulus Payments

During the COVID-19 pandemic, the U.S. government issued three rounds of stimulus checks to support individuals and families facing economic hardship. The CARES Act, passed in March 2020, provided a one-time direct payment of $1,200 per individual, plus $500 per child.

This was followed by the Consolidated Appropriations Act (CAA) in December 2020, which offered $600 payments to individuals and additional jobless benefits. The American Rescue Plan Act (ARPA) signed in March 2021, further extended support with $1,400 payments per individual, among other provisions. In total, these measures distributed approximately $814 billion to American households, according to Pandemic Oversight.

The $8,700 Stimulus Check Rumors

Recently, rumors have circulated online about a proposed $8,700 stimulus check, purportedly linked to an expanded Child Tax Credit. These claims suggest that the proposed plan would provide monthly payments of $350 per child, amounting to $8,700 over six months starting June 15. However, no official confirmation has been made by any government agency regarding such a proposal. The IRS has addressed these rumors by warning the public to be cautious of misleading information, emphasizing that many online sources may present inaccurate or false claims.

Official Guidance and Existing Tax Credits

While the $8,700 stimulus check remains unverified, Americans are still eligible for existing tax benefits under the Child Tax Credit Law. As of 2023, the IRS provides up to $2,000 per qualifying child, provided specific criteria are met. To qualify, a child must have a Social Security number, be under 17 years old by the end of 2023, and be claimed as a dependent on the taxpayer’s return. This existing credit continues to offer substantial financial relief to eligible families, even though it does not approach the amount rumored in recent online discussions.

The rumors of an $8,700 stimulus check are not supported by any official statements or confirmations from government agencies. While these speculative claims may spark interest, individuals need to rely on verified information and official channels for updates on financial relief and tax credits. As of now, the Child Tax Credit provides up to $2,000 per qualifying child, reflecting the current legal framework for tax-related benefits.