The fourth payment of the Child Tax Credit 2021 will be distributed this week. Millions of parents in the U.S. are looking forward to receiving some extra cash this week as the IRS will be distributing the fourth payment of the newly expanded Child Tax Credit 2021 program.
The payments are likely to be credited in the bank accounts on Friday as the program continues to rescue deprived families across the country.
After the payment is made on October 15, there will be only two checks remaining for the year concerning the current program of CTC. The administration of the president, Joe Biden, is now seeking to renew the program of Child Tax Credit by 2025 which will include added advantages for the deprived parents and provides a monthly cash payment allowance to approximately 60 million children. However, there can be some push backs from the lawmakers regarding the structure and costing of the program.
As of now, the parents of more than 60 million children will receive their payments on October 15, while some of them may receive checks through email within a week. Also, the parents of eligible children who are under age 6 will be receiving $300 per child, while those who have children aged between 6 to 17 years will receive $250 per child in this CTC program.
“The evidence from talking with families about how they use the money is they are spending it on savings, on utilities, on clothes and food for their kids,” said Jacob Goldin, who is an associate professor at Stanford University who is also an expert in low-income household and taxes law.
The deprived families who have children of age 17 and under have faced a reduction in their hardship because of CTC payments, while the anti-poverty advocates stated that these checks are very important for the low-income families since most of the government-aided programs have ended.