Money is pumped in the economy constantly. But those people that get it are buying stocks. Stimulus checks are spent for goods and not fro stocks. So this is right way to pump money in the economy. Even better would be to build needed infrastructure.
Putting the money in stocks does not necessarily means that the economy is doing good. Economy might be suffering but the market is prospering. The solution that I can see is that they should limit or completely stop helping the big companies get back on their feet, they spent most of the profit for stock buybacks and now they ask for the taxpayers help in this time.