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Month 2 of the child tax credit hits bank accounts

The US Department of the Treasury says the second monthly child tax credit payment has started to roll out.

More than $ 15 billion will be paid to families of approximately 61 million children.

The first round of payment came out in July. The payments come from the Child Tax Credit of the $ 1.9 trillion coronavirus aid package approved by Congress in March.

Según el plan, las familias elegibles reciben hasta $ 300 al mes por cada niño menor de 6 años y hasta $ 250 al mes para los niños de 6 a 17 años. Los pagos están programados para expirar después de un año, pero Biden está presionando para extenderlos al menos 2025.

The August payments cover about 1.6 million more children than last month. The increase indicates that more families who do not file taxes are signing up for the credit. The IRS has been trying to raise awareness that all families should apply. It also announced a new mobile-friendly, bilingual registration tool to assist with enrollment that will be launched in the coming weeks.

Direct deposits should arrive in bank accounts on Friday. Most families received their August payments by direct deposit. The rest happened checks by mail. The Treasury Department said that due to a technical problem that should be resolved in September, about 15% of families who received direct deposit payments in July will receive their check in the mail in August.

Families can visit the Child Tax Credit Update Portal to check the status of their payments.

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