It seems that the government is sending out some form stimulus check to Americans pretty frequently now, as Uncle Sam hopes to help the many people struggling financially in the wake of the pandemic. Well next week, yet another direct payment will be hitting the bank accounts of millions of Americans.
On Friday, August 13, the second advance payment of the child tax credit will be distributed. The first one was sent out on July 15th and saw eligible households receive up to $300 for every child under the age of six in their family, and $250 for each kid ages 6 to 17. Those households will be getting the same amount on the 13th, as well as every month after that through the end of the year - and perhaps even longer. In a tweet, the White House recently stated they want the benefit around for "years and years to come."
The payments are part of the expansion of the Federal Child Tax Credit that was included in President Biden's American Rescue Plan. The checks will go in full to single parents making up to $75,000, heads of households earning up to $112,500, or joint filers making up to $150,000 a year. Recipients will also get a tax credit next year - $1,500 for each kid six to 17 and $1,800 for each child under six. You can get an idea of how much you'll be getting from it with this online calculator.
While the other child tax credit monthly payments will all arrive on the 15th of each month, because August 15th falls on a Sunday, the IRS is sending this one out earlier - on the 13th.
You can learn more about the payments here.