More Americans are quickly finding out that it is not just $1,400 coronavirus stimulus checks that make up a huge part of President Joe Biden’s American Rescue Plan.

The most notable within recent weeks is the new $3,000 or $3,600 child tax credit, which aims to keep struggling parents afloat amid the ongoing pandemic. In fact, this generous benefit is considered by many as being essentially an unofficial “fourth” stimulus check.

So, when can these hardworking parents see any of this much-needed cash?

Do take note that the Internal Revenue Service has already confirmed that the monthly payments from the child tax credit are expected to start landing in bank accounts in July. “We will launch by July 1 with the absolute best product we are able to put together,” IRS Commissioner Chuck Rettig recently said on the Senate floor. “We are trying to get it as user-friendly as possible.”  

Before Biden’s $1.9 trillion legislation was passed, know that child tax credits generally only allowed families to claim a credit of up to $2,000 for children under the age of seventeen—but that benefit now has been branched out to lower-income families who otherwise wouldn’t receive such a payment.

With this legislation, families are now able to net as much as $3,600 per year for a child under the age of six and up to $3,000 for children between six and seventeen—meaning that for a family headed by a couple earning under $150,000—or an individual earning below $75,000—they are eligible to get their hands on $250 or $300 payment every month.

Make sure to be aware that all eligible parents must file a 2020 tax return by the extended Tax Day deadline of May 17 before they can see the new benefits—as the IRS will need that information to be able to deliver the tax credits in a timely fashion.

Also, keep in mind that the latest batch included nearly seven hundred thirty thousand “plus-up” or supplemental checks—many of which are still in transit.

These particular payments, according to the IRS, aim to target “people who earlier in March received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns.”

The agency continued: “These ‘plus-up’ payments could include a situation where a person’s income dropped in 2020 compared to 2019, or a person had a new child or dependent on their 2020 tax return, and other situations.”

It is believed that the IRS will ultimately deliver $1.2 billion worth of “plus-up” payments to U.S. taxpayers.

Ethen Kim Lieser is a Minneapolis-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.