Child Tax Credit Boosts Consumer Spending

September 29, 2021

KEY TAKEAWAYS

60% of small business owners surveyed say they know someone who has received CTC payments, whether it be a family member, friend, employee, or other personal or professional acquaintance.

Nearly one in four small business owners (23%) say they have received a CTC payment themselves.

61% of small business owners surveyed support the expanded child tax credit

64% say the expanded CTC payments put money into the pockets of families, which allows them to spend more money in their communities and at small businesses

62% say the flexibility and predictability of monthly cash payments allows parents to increase expenditures on home- and family-based child care, which benefits small businesses that need workers with stable schedules

BACKGROUND

On July 15, 2021, the Treasury Department began making

advance payments on the expanded Child Tax Credit of up

to $300 a month per child to most families with children.

This national survey of 1,259 of small business owners,

fielded between September 17-27, asked small business

owners about the impacts the expanded CTC payments

have had on their businesses.

METHODOLOGY

This is a national Survey Monkey survey of small business owners in the networks of the National ACE, National Association of Women Business Owners, Small Business for America’s Future, U.S. Black Chambers, Inc., U.S. Hispanic Chamber of Commerce, & Women Impacting Public Policy. The survey was coordinated by the Public Private Strategies Institute and fielded between September 17-27 - 20, 2021 with 1,259 total responses