What are the July stimulus payments?
In July, families will start to see direct cash payments, which are a part of the one-year child tax credit increase that was approved in the American Rescue Plan. The new child tax credit payment will be sent out from July 15 through Dec. 15, as reported by the Deseret News.
- The American Rescue plan “made it possible to pre-pay the benefits on a monthly basis,” according to The Associated Press.
The Department of Treasury said the direct payments will go to around 39 million American homes.
Will the child tax credits continue after 2021?
It’s possible. Per Al.com, President Joe Biden said he hopes the payments will become permanent for families, helping them survive through hardships.
- “The new Child Tax Credit enacted in the American Rescue Plan is only for 2021 — but President Biden’s American Families Plan proposes extending the credit for years and years to come,” the White House said, according to Al.com.
How much do you get?
Currently, the plan calls for families who qualify to receive $300 per child under 6 years old and then $250 per child for those older than 6 years old, according to The Washington Post.
Do you qualify for the checks?
Per The Washington Post, families who make $75,000 or less will qualify for the checks. If your family earns more than that the number will begin to drop from there.