According to the IRS, working families can look forward to receiving monthly stimulus checks as early as July.
Within President Biden’s $1.9 trillion COVID-19 relief package, families can expect up to $3,600 per child in 2021, according to Yahoo! Finance.
The check is is aimed to help parents take care of basic bills and/or pay down debt. According to the publication, every household with children that qualified for the recent $1,400 stimulus payment can expect to receive the money via the expanded child credit.
Reportedly, families led by a couple earning less than $150,000 or an individual making under $75,000 is set to receive a $250 monthly payment for each of child ages 6 to 17, from July through December 2021. For children under 6, you’ll receive $300. In total, depending on your children’s age, you can receive up to $3,600 within this year. For families of newborn children, you can expect to receive $550 every month from July to December. As for those currently expected, the relief bill proposes the IRS build a portal for families to update their information, which will hopefully be up and running by July.
Cha-Ching!