Recently many news outlets have been reporting a new “stimulus payment” coming in July. This has caused some confusion with consumers. There is no Stimulus 4; instead this is an advanced taxpayment of the child tax credit (CTC).

The IRS  announced that it will send out letters to affected tax payers who may be eligible. Families who are eligible for advance CTC payments will begins July 15. The payment will be up to $300 per month for each qualifying child under age 6 and up to $250 per month for each qualifying child ages 6 to 17. The IRS will issue payments on July 15, Aug. 13, Sept.15, Oct. 15, Nov. 15 and Dec. 15.

The IRS is also creating a  Child Tax Credit Update Portal, that  will initially enable anyone who has been determined to be eligible for advance payments unenroll/ to opt out of the advance payment program. It will allow people to check on the status of their payments, make updates to their information, and be available in Spanish.