Most U.S. families with children will get six monthly payments from the government in 2021, starting July 15. Parents and guardians may spend this money – $300 per child under 6 and $250 for every kid or teen who is 6 and up – on groceries, computers, child care, sneakers or however else they see fit.
Eighty-eight percent of U.S. families with children under 18 are eligible for this new allowance Congress approved in March as part of a coronavirus relief package, which extends the child tax credit to the lowest-earning Americans. In addition to getting either $250 or $300 a month per kid for six months, families will also get a tax credit equal to six more monthly installments at tax time in 2022. The Internal Revenue Service is responsible for delivering the money, which will total either $3,000 or $3,600 per child.
Getting this no-strings-attached money from the government may seem almost routine after those three other economic impact payments meant to ease the economic strains the COVID-19 pandemic caused. But as experts have pointed out — including University of Tennessee, Knoxville, Professor Wendy Bach, writing for The Conversation — this new cash infusion is significant in many ways. Read the full article on The Conversation.
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CONTACT:
Lindsey Owen (865-974-6375, lowen8@utk.edu)