Treasury set this week to send out child tax credit payments reaching $300 a month, report

Child tax credit payments of as much as $300 a month included in this spring's federal stimulus package could be going out as early as Thursday.

The payments are being made in an effort to provide a safety net for American families and help those in poverty.

The Treasury Department will send out most of the money through direct deposit to bank accounts, and the rest will come as a tax refund next year, according to The New York Times.

The program, which expires in a year, was part of the stimulus bill passed by Congress in March by Democrats over the objection of Republicans, who have raised concerns about possible waste and fraud.

President Biden has pledged to extend the $105 billion program. 

Among the United States' 74 million children, 90% will qualify for the new monthly payments — up to $250 a child, or $300 for those under six, The Times also reports.