As the first monthly advance payment is set to start going out on July 15, here are some things you should know.

Monthly child tax credit advance payments are set to start going out to eligible parents this week, on Thursday July 15. The payment installments are part of the American Rescue Plan COVID relief bill signed back in March.

The child tax credit is not new. Eligible parents have already been receiving $2,000 from the government for each qualifying child when they receive an annual tax refund. The difference now is that the amount has increased, and there will also be the ability to receive up to half of the money, in advance, in the form of monthly payments this year. 

These upcoming monthly payments are considered to be an advance on…

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