As part of President Biden’s new stimulus package, the new expanded tax credit for children offers families with children additional financial support.

BUFFALO, NY – Extra stimulus money isn’t the only thing to look forward to for those taking a leg up due to COVID-19.

A new expanded child tax credit is also part of President Biden’s new stimulus package, which means families with qualified children will get some additional benefits in the coming months.

What exactly is the difference between the regular child tax credit and the extended COVID child tax credit?

Christopher Fabian is the vice president of tax operations at EG Tax and says this new loan will no doubt benefit many more families.

“Under the old law, if you had children under 17 and your joint enrollment income was $ 400,000 or less, just $ 200,000 or less, they would give you $ 2,000 per child,” says Fabian.

With the new child tax credit in 2021, families will get an additional $ 1,000 to $ 1,600, depending on the age of their child.

#NEW AT 11: More to come when it comes to @JoeBiden’s $ 1.9 trillion #COVID stimulus package … including his signature.

The IMPROVED Child Tax Credit is a big part of that. So what can your family expect when you qualify? I’ll have a breakdown, NEW at 11! @WGRZ pic.twitter.com/O6Jxz7vmLk

– Liz Lewin (@LizLewinTV) March 11, 2021

Parents receive $ 3,000 in credit for each child 6-17 years of age, and parents receive $ 3,600 in credit for each child under 6 years of age.

“For married applicants, the regular child tax credit will be reduced to $ 400,000. This new tax credit will be reduced by $ 150,000 and given to children 18 and under, where they will receive the additional thousand dollars,” says Fabian .

Since many parents and guardians continue to look for work or work part-time, it’s an aid that Fabian says is helpful, but will not necessarily be a long-term answer.

When asked how helpful this loan could be in the long term, Fabian says: “I hope that people will get back to work soon and that this kind of help will not be so needed.”

How do you know if you qualify?

Like the Stimulus Checks, the new extended child tax credit is based on income.

“It’s families making less than $ 150,000, individuals making less than $ 75,000, and heads of household likely to be around $ 110,000,” says Fabian.

When can families expect an additional loan?

Experts say patience is key. The invoice has yet to be signed and the IRS has yet to prepare and roll out instructions. According to reports, families may receive checks as early as July through the end of the year.