First Round of Child Tax Credit Payments Expected on July 15th

The first round of child tax credit payments will go out on July 15th. The benefit which is part of Biden’s $1.9 Trillion Coronavirus Rescue Package will be sent to 39 million households and cover 88% of children in the United States.
Over 65 million children will receive monthly payments of up to $300. Most families will receive the funds through direct payments but some may receive checks or debit cards sent through the mail.

The IRS will send out the payments on the 15th of each month unless it falls on a holiday or weekend through December. Eligible parents will receive $300 a month for each child under the age of 6 and $250 for each ages 6 to 17. The IRS is also launching a portal to allow low income families to submit their payments and another to allow parents to update address, bank info, family size and opt out of the monthly payments to receive one larger lump sum next year when they file their tax return.