Congratulations on your new little one and expanding your family! Even though your child was born in August 2020, that is considered living with you the whole year, which is the child's whole year.
You will want to amend your 2020 tax return, and edit the information for the newest dependent. As you go through the interview questions, you will come to the question of "how many months did dependent live with you". You will answer the whole year. This one change will move that little check mark from Credit for other dependents to Child tax credit.
Since on your 2020 tax return, the Child tax credit box was not checked, that is the reason the IRS did not issue the advance Child Tax Credit payment for the newest dependent.
Amended returns may not be processed in time for the IRS to issue the advance payment for the 2021 Child Tax Credit for that dependent. You may use the IRS tool to update your dependent information. The IRS tool is available now for certain functions, but the IRS projects late summer to update dependent information.
https://www.irs.gov/credits-deductions/child-tax-credit-update-portal
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