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In a welcome move for families, July 15 marks the start of cash payments under President Joe Biden’s American Rescue Plan. This initiative, part of a $2 trillion COVID-19 relief package signed in March, will provide financial assistance to nearly 39 million American families.
Beginning on July 15, the Internal Revenue Service (IRS) will issue monthly child tax credit payments of $300 for each child under six years old and $250 for each child aged six and older. For instance, a qualifying family with children aged four and 13 will receive $550 from the IRS around the 15th of each month from July through December. No additional action is required from families to receive these funds.
To be eligible for the full amount, families must have a modified joint income of less than $150,000 or $75,000 for single filers. Payments will gradually decrease for those with incomes above these thresholds, while dual-income households with earnings up to $400,000 will still receive some benefits, totaling $2,000 per child this year.
The Biden administration anticipates that these payments will affect around 65 million children, accounting for 88 percent of all kids in the U.S. Funds will be disbursed via direct deposit, paper check, or debit card. However, unless Congress extends the program, these payments will cease in 2022. The administration has proposed an extension through 2025 in its “American Families Plan” to combat child poverty in America.
A group of Democratic lawmakers referred to this program as “the most significant policy to come out of Washington in generations,” asserting it provides a crucial support system for the middle class and aims to halve child poverty permanently. In a recent address, President Biden noted, “With two parents and two kids, that’s $7,200 in your pockets to help support your family. This will assist over 65 million children and significantly reduce child poverty.”
In addition to child tax credits, the American Rescue Plan also encompasses individual stimulus checks, extended unemployment benefits, and small business aid. For families that have already submitted their 2020 tax returns, the IRS will use that data to assess eligibility and payment amounts. Those who haven’t filed yet will have their eligibility determined based on 2019 records.
This initiative is designed to provide vital assistance to families impacted by the pandemic, particularly those who lost jobs or had to leave work to care for family or oversee remote schooling. The program is projected to cost approximately $100 billion annually.
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In summary, starting July 15, families across the U.S. will benefit from monthly cash payments as part of the American Rescue Plan. This initiative aims to support parents and significantly reduce child poverty, with the potential for future extensions to continue providing relief.