The second monthly payment of the child tax credit is reaching the homes of almost 61 million children this Friday, as reported by the Treasury Department.
This is an increase of 2.7% compared to July, that is, 1.6 million more families will receive payments from the Internal Revenue Service (IRS).
Apparently families are opting to receive regular payments until December and in the spring of 2022 receive the remaining amount when they file their tax return.
A Census Bureau survey released this week revealed that households with children reported that receiving tax credit payments makes it easier for them to pay for food after the first payment in July is delivered.
Related: IRS Online Tool Errors That Are Making It Hard for Families to Sign Up for the Child Tax Credit
Preliminary studies revealed that the first round of direct payments generated a 24% decrease in dietary insufficiency among adults and children of households that received the child tax credit.
March’s coronavirus relief law expanded credit in a number of ways. Increased the amount from $ 2,000 per child to $ 3,000 for children ages 6 to 17 and $ 3,600 for children under 6 years of age.
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