This week, Congress will start working on a stimulus package proposed by President Biden. The relief bill will likely include a stimulus check worth $1,400 that will go out to millions of Americans, but that's not the only financial benefit the legislation might boast. According to the Washington Post, House Democrats have drafted a proposal that will see the IRS send monthly recurring payments to parents.

In addition to some parents receiving a stimulus check for up to $2,000 per child under the age of 17, the bill will also give parents $300 every month for each child they have who is younger than six, and $250 every month for each child they have age six to 17. If it passes, it would result in parents getting $3,600 each year for every child younger than six, and $3,000 annually per kid aged 6 to 17. The benefit will last a year, but one Democratic aide told CNN that lawmakers will likely push to make it permanent.

Of course, not everyone will be eligible. Much like the stimulus checks, the benefit will be based on family income and will be phased out at a certain income amount.

The benefit will cost $120 billion, but the administration feels it is an important cause since, according to the Center on Budget and Policy Priorities, currently, 27 million kids are in low-income families who either do not receive a tax credit because they earn too little, or they only get a partial one.

As for when you can expect it, Congress hopes to get some kind of aid out very quickly so that Americans will receive something, hopefully by late February. Since Democrats have control of the House, the Senate and the Executive branch, it should go smoothly, however even some Democrats might take issue with portions of the new bill. If that happens, the lawmakers might push out one bill that includes all the benefits everyone agrees on, and then spend time negotiating the remaining sticking points. Then, once there is consensus, they'll push out a follow-up bill that includes them. That may not be out until March or even April.

Photo: Getty Images

Stichiz

About Stichiz