The first monthly payments of the expanded Child Tax Credit are set to roll out Thursday. Qualifying families with children ages 17 and under are eligible to receive the incoming checks.

The child tax credit, designed to assist low to moderate-income families, has been around since the 1990s. But the latest round of pandemic relief checks are set to cover 60 million children, totaling $15 billion.

President Joe Biden’s expansion of the tax credit will boost payments from $2,000 to $3,600 for each child under the age of 6 or $3,000 from ages 6 to 17. The child tax credit is also refundable, meaning those who don’t owe federal income tax will be eligible for it too.

However, the Child Tax Credit contains a cutoff for single taxpayers making more than $75,000 a year and joint filers who make $150,000 a year. The payments will also phase out for single taxpayers earning $95,000 and joint filers who make $170,000.

Over 36 million people are expected to receive those benefits until December.

“One thing the Child Tax Credit will do is create some stability to make sure there is a basic level of income for every child,” said LaDonna Pavetti, vice president for the family income support policy at the Center on Budget and Policy priorities. Pavetti added that the incoming payments are vital because plenty of families are living on welfare and food stamps and their current economic situations are volatile.

About 42.3 million families have been living on food stamps, which marks a 15% increase since the pandemic began.

The checks will start being distributed on July 15 and most people will have them directly deposited into their bank accounts after waiting two to three business days. The next dates for those receiving checks awill be August 13, and then on the 15th of every month from September until December. The child tax credit of $2,000 will be available to those earning $95,000 a year and married couples earning less than $400,000.

The IRS has said if you had a child in 2021, or if you wish to opt-out of the Child Tax Credit for a bigger refund, you will be able to update your information via its Child Tax Credit Update Portal.

Taxes will not need to be paid for the Child Tax Credit, but they will need to be reported when filing a 2021 tax return. The Biden administration is looking to expand the Child Tax Credit beyond 2021, but it’s unclear if that will happen.