The 10 Most Pervasive Stimulus Check Myths

Tomorrow, April 27, 2020, will mark the one-month anniversary since the biggest stimulus package in U.S. history was passed by Congress and signed into law by President Trump. The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act wound up providing $500 billion in loans to distressed industries, nearly $350 billion for small business loans, and $260 billion for an expansion of the unemployment benefits program.

However, the detail that really has Americans abuzz is the $300 billion set aside for direct stimulus payments. These payouts, officially known as Economic Impact Payments, began hitting banks accounts via direct deposit during the week ended April 17, and will continue to do so in paper check form through September.

While folks are clearly eager to receive their stimulus check and put it to work, the fact remains that myths and misconceptions shroud these payouts. Here are 10 of the most pervasive myths concerning coronavirus disease 2019 (COVID-19) stimulus checks that need to be put to bed.