$15 billion was paid to families in the first monthly installment of the Child Tax Credit initiative, according to the US Treasury.
In July the newly expanded credit was sent to some 39 million families with about 65 million kids, according to the IRS. The Biden administration expanded the credit with the intent to reduce the number of children living in poverty by 45 percent. FBA previously reported, “The expanded credit was established in the American Rescue Plan signed into law in March. In 2021, the maximum enhanced child tax credit is $3,600 for children younger than age 6 and $3,000 for those between 6 and 17.”
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“Households will receive the CTC payments through direct deposit, paper check or debit cards, though the Treasury and IRS said they are committed to maximizing the use of direct deposit so payments arrive quickly and securely. IRS Commissioner Charles Rettig has previously said that the agency will be setting up an online portal where taxpayers will be able to choose whether or not they will participate in the monthly payments.”