Good News If You Have A Kid Right Now… You’re Getting Paid
Good news for many U.S. households who have children. The U.S. government announced today (May 17th) that most households with children will be receiving monthly stimulus payments called child tax credit payments.
This is a all a part of the America Rescue Plan with the aim to reduce child poverty and will begin on July 15th through December 2021. The pandemic has been a tough time for parents over the past 14 months or so. According to NBC News, that includes about 39 million families who will begin receiving monthly checks of up to $300 for each child under 6 years old and up to $250 for each child 6 to 17 years old. This is the first time 17 year olds are a part of the child tax credit. Monthly payments make it easier for families to budget their finances.
If this will help ease the burden of child poverty, then that would be a good thing. My hope is that he money will be used just for that purpose, and not for non-essential purchases. This is a temporary expansion of the child tax credit, but Congress could make it permanent if voted for, and not everyone will qualify. According to Forbes, has a limit according to your income in from different categories including those who file singly, married and head of household.
I imagine this will be a huge relief for families struggling right now. Not being a parent, I can't imagine know how tough it's been trying to keep a family fed and well taken care of must be difficult during the pandemic. Let's hope this helps ease the financial strain.