First enhanced child tax credit payments to go out July 15

The families of more than 65 million children will start receiving enhanced child tax credit monthly payments of up to $300 on July 15, the Biden administration announced Monday.

The temporary benefit, which will be sent to 39 million households and covers 88% of children in the US, stems from the Democrats' $1.9 trillion coronavirus rescue package. The vast majority of families will receive the funds via direct deposit, while the rest will get checks or debit cards in the mail. The Internal Revenue Service will send the payments on the 15th of the month, unless it falls on a holiday or weekend, through December. Eligible parents will receive $300 a month for each child under age 6 and $250 for each one ages 6 to 17.