What Is the Child Tax Credit? And Why It’s Not a “Fourth Round” of Stimulus Checks

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The Child Tax Credit is the latest government initiative that aims to support American households as the economic fallout of the COVID-19 pandemic continues. While it isn't a fourth round of relief payments, or "stimulus checks," the credits will see the Internal Revenue Service (IRS) providing monthly payments for millions of qualifying households. 

Without needing to take any additional actions, qualifying Americans will start to receive payments this summer. In fact, many have likely received their first installments. Still, no matter your relationship with the Child Tax Credit, you might have a few questions about this unique form of relief — and we're here to clear up any confusion.