Third child tax credit sent out this week

(KYMA, KECY/ CNN) - Millions of families will be receiving more money in their bank accounts, courtesy of the IRS with the distribution of its third child tax credit payment.

Most parents will receive up to $300 for each child six-years-old and younger and $250 for each child between six and 17-years-old.

After Wednesday's distribution, the IRS will have three more monthly payments to send out this year and then the benefit will end unless congress extends it.

Democrats are currently looking to at extending the tax credit as part of their Budget Reconciliation Bill.