Spread the blanket/towel (it is recommended to use a large towel for this activity) on the ground and ask the child to place the bean bag or a stuffed animal at the center of the blanket.
Have the child stand on one side of the blanket while you stand on the other side of the blanket. Hold on to two corners of the blanket and ask the child to follow you and hold on to the other two corners.
Then, when a cue is given (first given by you and then might be given by the child), both you and the child should lift the blanket and toss the object up in the air.
As the object falls down, try to catch it using the blanket. You can move around to catch the object if needed.
For this activity, you can use more than one bean bag or one stuffed animal. You can also use a tennis ball or a small fabric ball.