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'Help is on the way': Monthly child tax credit payments to start hitting bank accounts July 15

Qualified families will receive a payment of up to $300 per month for each child under 6 and up to $250 per month for children between the ages of 6 and 17.

TAMPA, Fla. — More federal relief is making its way to Americans' wallets after an announcement Monday from the Biden Administration.

According to the Treasury Department, 39 million families across the country will start receiving monthly child payments starting July 15.

The payments are part of President Joe Biden's $1.9 trillion coronavirus relief package, which expanded the child tax credit for one year and made it possible to pre-pay the benefits on a monthly basis. Nearly 88 percent of children are set to receive the benefits without their parents needing to take any additional action.

"This tax cut sends a clear and powerful message to American working families with children: help is here," Biden said during a press conference Monday.

The Biden Administration is trying to get more money into the hands of those that need it. For those still struggling after the pandemic, the help couldn't come soon enough.

"They'll still get a tax credit in 2021 and they'll still get a refund, but it just won't be as high," Vanessa Brito said.

Brito continues to help Floridians that are struggling to file for unemployment and now sign up for the child tax credit payments. She says the payments are different than the stimulus payments most taxpayers received.

Parents now have the option to get half of the usual child tax credit they receive annually upfront in monthly payments.

Qualified families will receive a payment of up to $300 per month for each child under 6 and up to $250 per month for children between the ages of 6 and 17.

"I lost my job because of the pandemic. I have a one-year-old and I have a 17-year-old and also a 15-year-old," Anna Maria Sikora said.

The mother of three is opting into the tax credit. She'll get at least $800 extra a month.

"This will help with groceries. This will help with medicine. This will help with everything! I can get on my feet now," Sikora said.

But other parents are choosing to opt-out despite having little ones. Teacher Elena Barros says her family doesn't need the money right away.

"I didn't realize that it was optional," Barros said. "I thought that you were going to have to receive the monthly payments. Having the option of not getting it monthly and just getting it when I do my tax returns, for me, it's just a better option."

Even if families do choose to opt-in now, they have the option of stopping payments at any time.

"It really does depend on their financial situation right now. Are they back to work, have they caught up on bills," Brito said.

If you anticipate getting the monthly payments, make sure you update your direct deposit information on the IRS website. Checks are set to be delivered by mail if no information is available.

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