In a matter of weeks, South Florida families will start to see the child tax credit hit their bank accounts. The Biden Administration announced July 15th is when people can expect those $250 and $300 credits.
It's welcome news to Bukola Adebici of Hollywood. She cares for her 2-year-old daughter Trinity, and is expecting in August.
“I’ve been unemployed since November 2019 so that’ll help me out a lot, I’ve had to depend on my partner," said Adebici.
The child tax credit means families with children under the age of six will receive $300 per child per month, and those with children aged 6-17 will receive $250 per child per month.
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An estimated 70,000 kids in Broward County are living below the poverty line, and the number is even higher for children in Miami-Dade County. The Children's Services Council says those are pre-pandemic numbers, so they could be even higher now.
The organization encourages families to spend the money wisely.
“To look at ways that they can use this to further their own education, buy a house or start a business, there are ways the money can be invested very effectively to help a family rise out of poverty and I hope this would be used the same way," said Cindy Arenberg Seltzer, President and CEO of Children's Services Council.
That's what Adebici said she had in mind.
“I want to take up a trade maybe massage or something in the medical field," she said.
The tax credit passed in March as part of the $1.9 trillion COVID-19 relief plan, but only for qualifying families.
To qualify for the child tax credit your salary must be less than $150,000 for married couples filing taxes jointly, or $112,500 for heads of household and $75,000 per year is the cut off for all other taxpayers.
The White House says this move will cut the child poverty rate in half.
"This sends a message to working families with children, help is here," said President Joe Biden.
In order to receive the child tax credit you need to have filed your taxes by the May 17th deadline. Then it will be sent via direct deposit to your account around July 15th. If you don't have direct deposit setup, you'll receive a check in the mail.