The new child tax credit check distributed on Friday will go out to almost 40 million American families. That’s according to White House chief of staff Ron Klain, who’s also been using his Twitter account to share a related piece of news.
It’s that a new study is out, showing that the current wave of stimulus checks is having a huge impact and helping the families who need it most. For example, families reporting that they received the first checks of this new wave also saw sharp drops in their hunger rates. These new checks, of course, being the first (and now second) child tax credit payments.
New child tax credit check update
The $1.9 trillion stimulus law Congress passed in March is what made this benefit possible. And it’s being paid out in the form of six checks, issued monthly through December 15.
Check #2 in this six-check series arrives in bank accounts as a direct deposit starting today, August 13. Paper versions of this new check, however, won’t arrive in mailboxes for a couple more days.
Meantime, let’s take a closer look at the data cited by Klain. According to new data from the US Census Bureau, the first of these new child tax credit checks that arrived last month caused a drop in at least one important metric. It’s the percentage of US families with children who said they sometimes worry about having enough to eat. “The survey shows introduction of the CTC coincided with a drop in food insufficiency in households with children,” a report about the new data reads. “It also showed that in those households, there was a drop in difficulty paying weekly expenses.
“Even though adults in households with children are more likely to experience food insufficiency, those households saw a 3 percentage point decline between the surveys conducted before and after the CTC payments.”
We’ll have an update next week about today’s new payment. Including how many checks were sent out, and for how much money. Meantime, checks #3-6 in this series are set to arrive on the following dates. They are September 15, October 15, November 15, and December 15.
If you’re one of the recipient families, you’ll also get a related benefit next year. If you add up all six of your checks, you’ll also get that same benefit in 2022. Only, then, as a tax credit.
Meantime, the White House has shown zero inclination to get behind the push for a fourth stimulus check. President Biden has, however, called on Congress to keep the expansion of the child tax credit in place for a few more years. As it stands now, it’s set to revert back to the pre-Covid status quo next year.
Child care is personal to me — that’s why I’ve put it front and center in my Build Back Better Agenda. I’m committed to investing in American families with the expanded Child Tax Credit, universal preschool, and affordable, high-quality child care for all. pic.twitter.com/4KALqDz8Yo
— President Biden (@POTUS) August 13, 2021