By: Boom Boom Cabalona, “X” Divinagracia, Christopher Miranda
The Treasury Department said that 39 million families are set to receive monthly child payments beginning on 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 b asis. Nearly 88% of children are set to receive the benefits without t heir parents needing to take any additional action.
Qualified families will receive a payment of up to $300 per month for each child under 6 and up to $250 per month for child ren between the ages of 6 and 17. The child tax credit was previously capped at $2,000 and only paid out to families with income tax obligat ions after they filed with the IRS.
But for this year, couples earning $150,000 or less can receive the full payments on the 15th of each month, in most cases by direct deposit. The benefits total $3,600 annually for children under 6 and $3,0 00 for those who are older. The IRS will determine eligibility based on the 2019 and 2020 tax years, but people will also be able to update thei r status through an online portal. The administration is also setting up another online portal for non-filers who might be eligible for the child tax credit.
The president has proposed an extension of the increased child tax credit through 2025 as part of his $1.8 trillion families p lan. Outside analysts estimate that the payments could essentially halve child poverty. The expanded credits could cost roughly $100 billion a year.
Two-year-old Christopher (new Bata columnist) with Ate ChaCha Miranda (former Bata columnist).
Beau Monteiro Davis, two-and-a-half-years old, parents Barbara Monteiro Davis and Paul Davis.
Happy birthday to Xavier Divinagracia, shown with Lola Ikit, who’s celebrating his birthday on June 13th.
Lola Vero flanked by her apos Christian and Maya Leighton on her birthday on May 31st.