The first monthly payment of an expanded and newly advanceable child tax credit (CTC) from the American Rescue Plan will be made on July 15, the U.S. Treasury Department and the IRS jointly announced Monday.
The monthly payments are expected to go to roughly 39 million households — covering 88% of America’s children — without any further action required, the agencies said in their statement.
The increased CTC payments will be distributed on the 15th of each month, unless the 15th falls on a weekend or holiday. That will allow families who receive the credit by direct deposit to plan their budgets around receipt of the benefit, the agencies said.
Eligible families will receive a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 and older.