For millions of cash-starved parents who already have received and spent their $1,400 coronavirus stimulus checks, July can’t come soon enough.

That’s because on the fifteenth of that month, approximately forty million families will start getting monthly payments from the new child tax credits under President Joe Biden’s $1.9 trillion American Rescue Plan.

That stimulus bill enabled the expansion of child tax credits that generally allowed families to claim a credit of up to $2,000 for children under the age of seventeen. But now, amid the ongoing pandemic, they have been extended to even more families—and they qualify to collect as much as $3,600 per year for a child under the age of six and up to $3,000 for children between ages six and seventeen.

What this means is that eligible parents can net a $250 or $300 cash windfall each month through the end of the year. Just keep in mind that the income thresholds are 150,000 for a couple and $75,000 for an individual.

“The American Rescue Plan is delivering critical tax relief to middle class and hard-pressed working families with children. With today’s announcement, about 90 percent of families with children will get this new tax relief automatically, starting in July,” Biden said in a statement.

“For working families with children, this tax cut sends a clear message: help is here,” he added.

However, there already has been plenty of chatter regarding the benefits of opting out of these monthly credits. According to the IRS, it will launch two portals by July, and one of them will allow families to stop the monthly payments and make them eligible to receive one lump sum next year.

“We will make forms and instructions for the forms available for folks who want to opt-out,” IRS Commissioner Chuck Rettig said last month.

One of the main reasons to opt-out is because some families don’t want to deal with an overpayment of the credits, which they will be responsible for paying back during the next tax season.

Be aware that this situation could potentially occur because the federal government is directed to issue advance payments of the child tax credit in periodic installments. These payments are largely based off the agency’s estimates on available data, such as income, marital status, and number and age of qualifying dependent children. Thus, if there are any outdated or inaccurate data, they could trigger an overpayment.

“Eligible taxpayers who do not want to receive advance payment of the 2021 Child Tax Credit will have the opportunity to decline receiving advance payments,” the IRS stated.

“Taxpayers will also have the opportunity to update information about changes in their income, filing status or the number of qualifying children. More details on how to take these steps will be announced soon,” it added.

Ethen Kim Lieser is a Minneapolis-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.