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Why you might get $300 a month for the next two years

President Biden wants to extend the child tax credit until 2024.

Trays of Social Security checks wait to be mailed from the U.S. Treasury.
Trays of printed social security checks wait to be mailed from the U.S. Treasury’s Financial Management services facility in Philadelphia. President Joe Biden want to keep sending $300 child tax credit checks to families until 2024.
Bradley C. Bower, Associated Press

You may have noticed an extra $300 in your bank account. And, if President Joe Biden gets his way, those checks will keep coming until 2024.

What is the child tax credit payment?

The child tax credits are, simply, payments going out to families every month. As the Deseret News reported, the American Rescue Plan extended child tax credit to $2,000 per child and $3,000 for children who are 6 to 17 years old, as well as $3,600 for kids under 6 years old.

  • Half of that money is being sent out in monthly checks from July to December. The remainder can be picked up during your 2021 tax filing.

Could child tax credits last until 2024?

Senate Democrats are considering a three-year extension for the child tax credit, which would mean people would receive their child tax credit payments until 2024.

  • The payments would stay the same until a presidential election year.

However, Senate Democrats sources told Business Insider that the cost might be too high. Some moderate Democrats may push back against extending the checks.

  • “Nothing is locked in,” the source told Business Insider. “The White House is pushing for it. We know (Senate Majority Leader Chuck) Schumer is pushing for it. We definitely know (House Speaker Nancy) Pelosi is pushing for it. But it’s a money game at this point.”

When does the next child tax credit payment arrive?

Right now, the remaining child tax credits are set to drop on the 15th of every month for the rest of the year. The remaining schedule looks as such:

  • Sept. 15.
  • Oct. 15.
  • Nov. 15.
  • Dec. 15.

What do you if you didn’t receive a child tax credit payment?

You can visit the Child Tax Credit Update Portal to check the status of your check and see how the check will be distributed to you.

  • “Most families will receive the payments without having to do anything, and they should receive them through direct deposit, a paper check or a debit card — similar to the three stimulus payments that the federal government sent over the past year,” Business Insider reported.