A child in a stroller waits in line as Food Bank For New York City distributes Thanksgiving meals. | Michael Loccisano/Getty Images for Food Bank For New York CityThe federal government will begin sending monthly payments worth up to $300 per child to millions of Americans beginning July 15, in what is perhaps the most ambitious government initiative of the Biden administration so far.
Emboldened by the government’s success in sending multiple rounds of stimulus checks to a huge swath of the country during the Covid pandemic, the initiative is designed to provide the poor, in particular, with a steady stream of income to help with unexpected expenses throughout the year.The program is only temporary, running through the end of this year, though Democrats want to extend it as part of their latest spending packages.
People won’t have to do anything to begin receiving the payments, and there will be a concerted campaign both to alert the public to the initiative as well as reach eligible people who are not in the government’s data records. Because half the tax year will be over by July 15, people will only receive half of their total credits through the monthly payments. They can take the rest when they do their taxes next year.
Source: Loan Digest (loandigest.net)
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