Parents May Receive Up To $3,600 Per Child With The Next Stimulus Bill

This post may contain affiliate links. For more information, please read our disclosure policy here

If you have children, listen up!

Parents May Receive Up To $3,600 Per Child With The Next Stimulus Bill. Here’s What we know.

A few weeks back we had told you about the proposal that would give parents up to $3,000 per child amid the pandemic.

Now, that has changed for what I believe, is the better.

The Senate passed the new stimulus bill yesterday and now it goes to the house to once again be passed due to changes in the bill.

Part of the changes includes direct payments to parents which will offer up to $3,600 per child, over the course of a year.

The payments would be made monthly starting in July for those with incomes that qualify.

Under the new bill, here is what that would look like for parents:

The plan is improving the Child Tax Credit (CTC), making it refundable and worth up to $3,000 per child — or $3,600 for a child under 6 — for 2021.

The provision also allows American families to receive periodic payments for the credit for one year beginning in July.

So, let’s say you have 2 children under 6 and 1 over 6. If you qualify, that is $10,200 over the course of a year.

That means beginning in July, you’d receive $300 x 2 = $600 (for the kids under 6) and $250 for the kid over 6 each month for 12 months. So, $850 total a month.

The idea is to help families afford expenses with their children including child care costs, food, shelter, etc.

As of right now, this is how the amounts stand in the new bill which we hope to have passed and on President Biden’s desk to sign into legislation this week.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *