FACT CHECK: Did The Biden Administration Announce That $40,000 ‘Stimulus Loans’ Are Available?

Elias Atienza | Senior Reporter

A post shared on Facebook claims the Biden administration announced the availability of $40,000 “stimulus loans.”

Verdict: False

There is no evidence to suggest the Biden administration has announced the availability of any “stimulus loans.”

Fact Check:

The Facebook post, which has been shared more than 80 times, claims the Biden administration announced and is currently receiving applications for $40,000 stimulus loans. “We’ve been waiting for this and CNBC just announced it! Stimulus Loans up to $40,000 are finally available,” reads part of the post.

However, there is no evidence to suggest that these loans are available or exist. If the Biden administration had made any such announcement, media outlets would have reported on it, yet none have. Check Your Fact searched the White House and Internal Revenue Service (IRS) websites but found no press releases or announcements about the $40,000 stimulus loans.

The post claims CNBC reported on the alleged announcement but this appears to be inaccurate. There is no mention of the purported loans on CNBC’s website or on the outlet’s verified social media accounts.

“I cannot find anything on our end that backs up that site’s claim,” said Erin Kitzie, CNBC’s director of public relations, in an email to Check Your Fact. She adde that “we have no record of reporting information that was included in that FB post.” (RELATED: No, People Born Before 1957 Are Not Eligible To Receive Thousands More On Their Social Security Checks)

The Biden administration sent $1,400 stimulus checks to Americans making under $75,000 as part of the American Rescue Plan beginning in March 2021, according to the White House website. The CARES Act, which passed during the Trump administration, also provided Americans with $1,2000 checks and allowed businesses to receive loans under the Paycheck Protection Program.

This is not the first time Check Your Fact has debunked claims about the government giving out large sums of money. Check Your Fact recently debunked a claim that Social Security was increasing payments by $1,728.

Update: This article has been updated with additional commentary from Kitzie. 

Elias Atienza

Senior Reporter
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