Enjoy access to a free NMLS renewal class when you attend an in-person event.
The federal government increased monthly payments and launched a new website for the expanded child tax credit. Most families under the federal child tax credit are provided advanced monthly payments of $250 to $300 per child. However, the Annie E. Casey Foundation released a 50-state data report requesting for the expansion to be made permanent. Due to the COVID-19 pandemic, impoverished families struggled even more with health concerns and housing security.
“The COVID-19 crisis has brought many families to the breaking point, especially parents and caregivers who have lost jobs and income," said Lisa Hamilton, president and CEO of the Annie E. Casey Foundation.
The report comes from the 2021 Kids Count Data Book that gets released annually with state rankings to present a comprehensive picture of child well-being. The assessment indicates that nearly a decade of progress after the Great Recession could be erased by the COVID-19 pandemic unless policymakers act.
“Making the expanded child tax credit permanent will continue providing critical financial support for families who are struggling to make ends meet and help reduce long-standing disparities that affect millions of families of color,” Hamilton added.
Food, housing security, and health concerns are some of the biggest challenges faced by kids and families throughout the pandemic. In 2019, 12 million kids (17%) lived in poverty. Before the pandemic hit, about 4.4 million children (6%) lacked health insurance, reflecting the first rate increase in a decade.
During the pandemic, more than 1 in 5 households with children (22%) said they had only slight confidence or no confidence that they would be able to make their next rent or mortgage payment on time. However, by March 2021, the figure had fallen to 18%, suggesting the beginning of recovery.
To read the full 2021 Kids Count Data Book, click the link provided.