Entrepreneur – In the absence of any fourth federal stimulus check, the extended monthly child tax credit provided much needed relief to families. This monthly child tax credit ended this month, but President Joe Biden wants to extend this CTC payment for at least one more year. However, opposition from Senator Joe Manchin may mean the end of this coronavirus stimulus check. Read the full article.
Biden extended the child tax credit program earlier this year under the American Rescue Plan. The extended program offered up to $300 per month to families with kids below six years, and those with kids ages six to 17 years got up to $250 per month.
Also, under the extended plan, eligible families got half the credit in six monthly installments (from July to December), while the other half they will get at the time of filing their tax return next year.