Monthly stimulus checks for families with children will begin in July IRS says

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Working families can look forward to receiving monthly stimulus checks as early as July, says the IRS.

Within President Biden’s $1.9 trillion
COVID-19 relief package, families can expect up to $3,600 per child in 2021, according to Yahoo! Finance.

The check is is aimed to help parents take care of basic bills and/or pay down debt.

Yahoo! Finance reports, every household with children that qualified for the recent $1,400 stimulus payment can expect to receive the money as a result of a temporary expansion of the child tax credit.

How Does The Monthly Stimulus Checks Work?

Families headed by a couple earning less than $150,000 or an individual making under $75,000, will get a $250 monthly payment for each kid ages 6 to 17, from July through December. For children under 6, they’ll receive $300.

In total, depending on the children’s ’s age, families can receive up to $3,600 within this year.

For families of newborn children, you can expect to receive $550 every month from July to December.

For those currently expected, the relief bill proposes the IRS build a portal for families to update their information, which will hopefully be up and running by July.

If you don’t give the IRS an update through the portal, you’ll have to wait until you file your 2021 taxes to claim the $3,600 credit for your family newcomer.