The U.S. Treasury Department said on Monday that 39 million families are set to receive monthly child payments beginning on July 15. The payments are part of President Joe Biden’s $1.9 trillion coronavirus relief package.
Nearly 88% of children in the country are covered under the programme without their parents needing to take any additional action.
Qualified families will receive a payment of up to $300 per month for each child under 6 and up to $250 per month for children between the ages of 6 and 17. The child tax credit was previously capped at $2,000 and only paid out to families with income tax obligations after they filed with the IRS.
But for this year, couples earning $1,50,000 or less can receive the full payments on the 15th of each month, in most cases by direct deposit. The benefits total $3,600 annually for children under 6 and $3,000 for those who are older. The IRS will determine eligibility based on the 2019 and 2020 tax years, but people will also be able to update their status.