More than 39 million American families to receive payments from the 2021 enhanced child tax credit this week

More than 39 million American families with children will start receiving payments from the 2021 enhanced child tax credit, this week. The amount might go up to hundreds of dollars per month for some. This money will help eligible families. The American Rescue Plan, passed in March, enlarged the existing child tax credit. For 2021, the maximum credit is $3,600 for children younger than age 6 and $3,000 for those aged 6 to 17.

“The timing of this stimulus is particularly helpful as enhanced unemployment benefits begin to roll off in some (mostly red) states and at the federal level in September,” according to CNBC analysts.

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