The Internal Revenue Service of the United States is set to roll out a new phase of financial assistance to about 36 million families of the country, who have faced economic struggles in the pandemic. The payments are expected to begin as early as July 15 and will last for six months, with one paycheque being sent to the eligible families every month.
However, these are different from the previous cheques as they will be an advance payment on the tax credit, according to US media reports.
But how much money will you be getting?
The upcoming payments will be an extension of the federal child tax credit, as per the stimulus package backed by and signed by US President Joe Biden earlier this year. Families with children who are under 6-years-old will be paid $3600 per child in a span of 6 months.
However, half of this amount will be given to the families next year as a tax credit, while the remaining amount would be distributed in six separate payments. This means that a household with one child is likely to receive around $300 per month till the end of this year, according to US media reports.
These cheques are expected to land into the pockets of the eligible households on the 15th of every month, with August being an exception as the date falls on a Sunday. Due to this, eligible recipients will be delivered the cheque by August 13, which is a Friday, according to US media reports.
