(MENAFN- Live Mint) Rumours have circulated on social media regarding new stimulus checks for the month of November, following US President Donald Trump's announcement of providing a $2,000 tariff dividend to Americans.

The Internal Revenue Service (IRS) has now confirmed there are no new federal checks or automatic relief payments for this month. According to a fact check by KTVU,“No new federal stimulus checks are authorised... Congress has not passed new legislation, and the IRS has made no confirmation.”

Also Read | How much will Trump's tariff dividend cost the US government? Trump $2,000 tariff dividend promise

Earlier this week, Trump targeted people who criticised tariffs and promised a dividend of at least $2,000 per person, excluding high-income individuals.

In a post on Truth Social, President Donald Trump pledged dividends to Americans and said,“We are taking in Trillions of Dollars and will soon begin paying down our ENORMOUS DEBT, $37 trillion. Record Investment in the USA, plants and factories going up all over the place. A dividend of at least $2000 a person (not including high income people!) will be paid to everyone.”

After the announcement, social media speculation grew as users discussed a proposed“tariff dividend” plan. This was amplified by a viral post and early stimulus efforts during the COVID-19 pandemic, which reportedly created confusion among beneficiaries.

Also Read | $2,000 tariff dividend may skip high-income families, Treasury Secy suggests

The comparison with the COVID-19 stimulus arose after a report estimated the cost of the tariff dividend. Trump's proposal to send $2,000 as a tariff dividend to Americans may cost $600 billion each year, according to USA Today, which cited the nonprofit Committee for a Responsible Federal Budget.

These proposed tariff income payouts are currently just suggestions, no payments have been approved yet. KTVU Fox warns that many so-called“stimulus alerts” are actually phishing scams. Fake emails or texts requesting bank account details or Social Security numbers have been circulating. The IRS does not initiate such communications.

What should beneficiaries do?

Beneficiaries should confirm any communication about the IRS stimulus through official sources. The safest approach is to rely solely on IRS or the US Treasury Department for accurate updates. To ensure eligibility for any payment, it's essential to file tax returns and keep information up to date.

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