The IRS monthly child tax credit (CTC) payments are set to hit bank accounts as early as today, July 15.
The payments are a part of the $1.9 trillion stimulus package signed off on by President Joe Biden this past March. The CTC payments in particular aim to help lessen the burden put on parents, concerning childcare costs, general household expenses and debt especially in the aftermath of the pandemic. Notably, the money can even be put towards savings and investments.
It was reported back in May that about 90% of families will automatically receive their first monthly payment on July 15. According to the IRS and Treasury Department’s overall estimates, the CTC payments will help around 39 million households — which translates to 88% of children across the country being served.
If you’re still confused about whether you’re family is eligible to receive the tax payments, CNN reports that “more low-income parent will also become eligible for the child tax credit” because Biden’s relief package made the CTC payments fully refundable. In the past, they’d been only partially refundable — which left around 23 million children unable to benefit from the added household income “because their families’ incomes were too low.”