Stimulus Update: IRS Depositing Payments Today, but the Money May Not Be Available Immediately

[Yo_Mama_Been_Loggin]

When the most recent coronavirus stimulus bill passed, it didn't just include $1,400 checks. It also created an expanded Child Tax Credit, which will result in millions of parents receiving a lot of money from the government very soon.

The funds from the expanded Child Tax Credit weren't made available right away, unlike the $1,400 direct payments. The estimated date for the first payment was set for July -- and that day has finally arrived. The IRS will begin distributing payments today, July 15, 2021.

Here's what you need to know about the upcoming stimulus money.

Stimulus payments to be deposited starting today

The American Rescue Plan provided for an expansion of the existing Child Tax Credit. While the credit used to be worth $2,000 -- only $1,400 of which was refundable -- it's now worth:

-more-

https://www.msn.com/en-us/money/personalfinance/stimulus-update-irs-depositing-payments-today-but-the-money-may-not-be-available-immediately/ar-AAMbG3W

[OAITW r.2.0]

1. Banks awaiting for the check to clear?

Why would fund availability be delayed?

[underpants]

2. Got ours today

[jimfields33]

3. I'd wait until tax time if I were eligible which I'm not

Right now it ends in December. There is no extension at this point for 2022.