LITTLE ROCK, Ark. – Many Arkansans woke up Thursday to a little extra money in their bank accounts from the federal government’s Child Tax Credit Advance payments.
Families with children under the age of 6 will receive $300 per month and those aged 6-17 will receive $250.
CaSandra Glover is a single mom who lives in Searcy and just got her Master’s Degree. She said her payment will help to possibly offset other costs.
“Wanting to get my son in child care, wanting to put money away for savings where if I had an incident, a car incident. You never know with family or a medical cost,” she said.
She said she considers herself middle-class now, albeit on the lower end and still lives paycheck to paycheck, and the Child Tax Credit payments alleviate much of her stress.
“It gives you the ability to live rather than exist!” Glover exclaimed.
Kristyn Clark lives in Huntsville and works as a nurse. She said she was able to put all of her $250 into her daughter’s savings account when she normally puts about a quarter of that amount per month.
“I didn’t have to immediately put it towards a bill but I can still make my student loan payment and still put a big chunk in her savings account,” Clark said.
Both women say they actually prefer the monthly payments over getting a bigger portion on their tax returns.
“I think it is a much better approach than this lump sum at the beginning of the year,” Clark said.
“That’s once a year versus like something may happen tomorrow that may cause me to need the money,” Glover explained.
Glover added there is comfort in seeing the numbers increase in her bank account, even if she doesn’t need it in the present.
“I was very excited to see it because again, what did I do? I transferred it over to my savings account but still knowing that it’s there,” she said.
Clark said she didn’t have a feeling of excitement but said this feeling of being fiscally responsible came over her. She knows in the long run these extra payments will benefit them.
The Child Tax Return payments will run through December but the Biden Administration wants to try and extend them through 2025.