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Federal funding to lift millions of children out of poverty

Posted at 6:33 AM, Jul 17, 2021
and last updated 2021-07-17 10:59:53-04

(WXYZ) — Roughly 39 million American families are now receiving direct cash payments under a new child benefit created by coronavirus relief bill.⁠

⁠The first monthly payments of $300 per child under 6 and $250 per child older than 6 (for those who qualify) were mailed out on July 15. The Biden administration estimate that households representing more than 65 million children -- or 88 percent of all U.S. kids nationwide are receiving the benefit through direct deposit, paper checks, or debit cards.

Mike Windle, owner and financial advisor with Custom Wealth Solutions, offers parents and guradians some practical advice about the child cash benefits, receiving the payments, and how the direct deposits will work. To learn more about Custom Wealth Solutions, visit www.customwealthsolutions.com