The American Rescue Plan signed in by President Biden will soon give American families $3,600 in stimulus checks.
Qualifying American families are set to receive $3,600 in stimulus checks that will begin rolling out in July 2020. Married couples that earn $150,000 a year or less and have children, or individuals that earn $75,000 a year and have children qualify to claim a monthly federal tax credit. Parents that have children between the ages of 6 and 17 will receive $250 every month for six months.
Parents who have a child under the age of 6 will receive $300 a month for six months. Additionally, those same parents will receive a tax credit next year of $1,500 for every child between the ages of 6 and 17, or $1,800 for every child under the age of 6. Due to how unusually busy the Internal Revenue Service (IRS) is with having to train new staff, create a new online portal for people to claim these payments, and deal with an influx of tax returns, these payments won't begin rolling out until July.
When the payments begin rolling out, the recipients will receive one every month until the end of the year. For more information on this story, check out this link here.