IRS to share monthly stimulus payments of $300 per child to low-income families in July

The IRS is set to support low-income families with monthly stimulus payments of up to $300 per child in July.

According to Yahoo Finance via theshaderoom, these stimulus payments will be distributed alongside the issuing of family tax credit for 2021, totalling $3,600 for the year. The publication reports that half of that money will be from the monthly payments with the other half available in a tax refund next year.

These stimulus payments can only be received by households with children that successfully applied for the recent $1,400 stimulus check. This is all part of recently elected U.S President Joe Biden’s COVID-19 relief package that the majority of Americans received.

Source: Yahoo Finance via theshaderoom