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Month 2 of child tax credit hits bank accounts

Child Tax Credit
Posted at 1:10 PM, Aug 13, 2021
and last updated 2021-08-13 16:10:00-04

(AP) — The U.S. Department of Treasury says the second monthly child tax credit payment has begun to be disbursed. More than $15 billion will be paid out to families of about 61 million children.

The first round of the payment went out in July.

The payments stem from the Child Tax Credit from the $1.9 trillion coronavirus relief package passed by Congress in March.

Under the plan, eligible families receive up to $300 a month per each child under 6 and up to $250 per month for children ages 6 to 17.

The payments are set to lapse after a year, but Biden is pushing to extend them through at least 2025.