Plus, the state that's sending out inflation-busting checksFOR several months, there have been rumors of potential stimulus checks for select Americans this year. There have only been three stimulus checks related to programs created as a result of financial hardship from the height of the coronavirus pandemic in 2020. It's important to note that stimulus checks, previously known as Economic Impact Payments, are no-strings-attached funds sent from the federal government to spur spending and boost the economy. This is not much different from a tax rebate, which is typically a return of money from the government. President Donald Trump also suggested using part of tariff revenue toward stimulus checks earlier this year.