Fact Check: No, There Isn’t a $7K Stimulus Coming This Week

A photo of the economic stimulus check that was sent to US citizens during the covid-19/coronavirus quarantine.
LPETTET / Getty Images/iStockphoto

A false report in the U.S. version of The Sun claimed a $7,000 stimulus from the IRS would be hitting accounts this week on August 19. These reports are not true, and similar reports have been fabricated from other websites as well.

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Although there has been a push for a fourth stimulus publicly, and growing support from legislators in government to send an additional payment, there have been no official reports of the likelihood for a fourth stimulus check.

Where did the number $7,000 come from?

Depending on your household size and number of age-qualifying dependents, certain households could have received this much money in stimulus payments. The latest round of stimulus checks was $1,400 per person making under $75,000 filing single or $150,000 filing jointly. This also included children under the age of 6, which meant if you had 2-3 children and both you and your spouse qualified, you could very well have received close to $7,000 in stimulus money.

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Looking Forward

The latest stimulus payment distributed a couple of months ago will likely be the last. Recent reports detailing the over-abundance of available positions in the job market increase the likelihood that the government will shy away from providing another round of payments. Although the economic recovery is still underway and not yet complete, a robust labor market lessens the case for another round of payments. The recent passage of the trillion-dollar Infrastructure Framework also makes government spending on another round of stimulus payments unlikely.

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Here’s What IS Coming

The monthly payments of the child tax credit are well underway, with the second of the 6-month payments having been deposited on the 13th of August. Eligible families can receive $300 per child under 6 years of age if they meet the income requirements. There is still time to register for this if you have not done so. You also qualify for these payments regardless of whether or not you pay taxes or regularly file. The child tax credit for 2021 is fully refundable as part of the stimulus bill passed in March, meaning you will not have to pay it back and will not need to worry about paying taxes on the money.

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About the Author

Georgina Tzanetos is a former financial advisor who studied post-industrial capitalist structures at New York University. She has eight years of experience with concentrations in asset management, portfolio management, private client banking, and investment research. Georgina has written for Investopedia and WallStreetMojo. 
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