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The American Rescue Plan implemented by the Biden administration introduced the expanded child tax credit.
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Eligible families will receive $300 per child under age 6 and $250 per child age 6 or older.
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These payments will be automatically deposited into the bank accounts of most households on the 15th of each month.
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The IRS will continue to collect monthly payments for the rest of the year.
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An example provided by the Washington Post states that a family with two children between the ages of 5 and 13 would receive $550 per month from July through December.
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The primary goal of this program is to address child poverty, which has increased due to the COVID-19 pandemic.
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Critics, especially conservatives, oppose the initiative because it provides benefits to parents regardless of their employment status.
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President Biden aims to extend the enhanced child benefit through the American Family Plan by 2025.
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Next steps