President Joe Biden has confirmed that 39 million families in the United States will start receiving monthly child tax credit payments for the first time beginning on July 15.
A part of the expanded child tax credit program in the American Rescue Plan, these payments are expected to reduce child poverty throughout our nation, Today reported.
The payments will be dispersed monthly as opposed to being given as tax refunds per usual.
Related
The $1.9 trillion COVID-19 relief plan approved in March increased maximum payments for families from $2,000 to $3,600.
In July, families will get monthly payments up to $300 for each child under six years old and up to $250 for each child 6 to 18 years old. Families who qualify for the checks will receive them on the 15th of each month unless the date falls on a holiday or the weekend.
80% of families will receive these payments via direct deposit while the remaining 20% will receive a check or debit card with the funds available to them.
"While the American Rescue Plan provides for this vital tax relief to hard working families for this year, Congress must pass the American Families Plan to ensure that working families will be able to count on this relief for years to come," Biden said in a statement.
"For working families with children, this tax cut sends a clear message: help is here," he added.
LISTEN on the Audacy App
Sign Up and Follow Audacy
Facebook | Twitter | Instagram