Second Child Tax Payment Expected for Deposit Into Bank Accounts Today

The second child tax credit payment of as much as $300 for each child up to age 6 and $250 for each ages 6 to 17 is scheduled to be deposited into bank accounts today. So far, only the first payment has gone out but it already has made a big impact on American families. According to data from the latest Census Bureau household pulse survey released Wednesday, parents reported less trouble affording food and paying for household expenses after that first payment was sent.

Also according to the survey, just over 10% of households with children, sometimes or often didn’t have enough to eat over the past seven days which is the lowest estimate since the start of the Coronavirus pandemic. It was also reported that 29% of adults in households with children had difficulty paying expenses which is down from 31.5% a month earlier. 47% of parents chose to spend their extra funds on food while 28% spent it on internet, cell phones and other utilities, while nearly a quarter purchased clothing.