Those eligible for the Child Tax Credit will receive their final check this week as the monthly payments come to an end.
The money will begin showing up in bank accounts on Wednesday, with paper checks being mailed out the same day.
Since July, parents making under $75,000 a year have been receiving $300 a month for every child in their household younger than age 6. Parents with children ages 6 to 17 get approximately $250 a month. Married couples with children must make below $150,000 to qualify for the funds. The remaining credit can be claimed when income tax returns are filed next year.
With the Child Tax Credit funds coming to an end, the Center on Budget and Policy Priorities believes that millions of children in the United States risk slipping into poverty. Arloc Sherman, vice president for data analysis and research at CPBB, says that families of color have benefitted the most from the benefits and face grave crises if the government chooses not to renew the tax credit for six more months.
According to the Center on Poverty & Social Policy at Columbia University, economic hardships and child poverty have fallen by 40% since the tax credit began.
The Build Back Better act, which would extend these payments through next year for many families, is being negotiated in Congress. If passed, low-income families would permanently receive the Child Tax Credit payments.
The United States continues to grapple with the detrimental effects of the COVID-19 pandemic. With global supply chain issues skyrocketing the cost of foods and other goods, the final Child Tax Credit payment comes at a time where many families are still in dire need of financial assistance.
