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WILMINGTON, DE - AUGUST 14: Presumptive Democratic presidential nominee former Vice President Joe Biden signs required documents for receiving the Democratic nomination for President at the Hotel DuPont on August 14, 2020 in Wilmington, Delaware. Harris is the first Black woman and first person of Indian descent to be a presumptive nominee on a presidential ticket by a major party in U.S. history. (Photo by Drew Angerer/Getty Images)

Waiting on a Child Tax Credit payment?

Great news ahead for Americans with children.

The Biden Administration revealed Monday the first payment of the Child Tax Credit from the American Rescue Plan will be issued to all qualified taxpayers starting on July 15 through December 2021.

Under the new Child Tax Credit Plan, both the Treasury Department and the IRS will send monthly payments of $250 or $300 to low- and mid-income families.

These payments are set to roll out on the 15th of every month “unless that day falls on a weekend or holiday,” according to News Channel 8.

Families with children ages six years and younger will receive $300 and children ages six years and older will receive $250. Both payments are per child and per month.

It is estimated that about 40,000 families will receive payments through direct deposit, check, or card(s). NBC News explains “because the advance payments are beginning halfway through the year, families will get the second half as tax refunds.”

Find out if your child/dependent qualifies for the Child Tax Credit here.

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*This story was written by Brianna Pugh