The Child Tax Credit Is Already In Its Second Month

The second monthly child tax credit payment has begun to be issued, according to the US Department of Treasury.

More than $15 billion will be distributed to 61 million children’s households.

The first installment of the payment was made in July. The payouts are a result of the $1.9 trillion coronavirus relief package enacted by Congress in March, which included a Child Tax Credit.

Eligible families can receive up to $300 per month for each kid under the age of six and up to $250 per month for children aged six to seventeen. The payments are supposed to expire in a year, but Biden wants them extended until at least 2025.

The August payments cover almost 1.6 million more children than the previous month’s payouts. The increase suggests that more households that do not file taxes are taking advantage of the benefit. The Internal Revenue Service (IRS) has been attempting to promote awareness that all families should apply. It also announced the creation of a new, mobile-friendly, bilingual sign-up application to assist with enrollment, which will be available in the coming weeks.

Direct deposits are expected to be received in bank accounts on Friday. The direct deposit was used by the majority of households to receive their August payments. The rest of the people will get cheques in the mail. According to the Treasury Department, roughly 15% of households who got direct deposit payments in July will get their check by mail in August owing to a technical issue that should be resolved by September.

Families may verify their payment status by going to the Child Tax Credit Update Portal.

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