California continues to send stimulus checks to its residents under the second Golden State Stimulus program. Last week, the state sent out the second batch of coronavirus stimulus checks to Californians, and in October, it will send the next batch of payments.
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The California Franchise Tax Board, which is responsible for distributing the stimulus checks, sent out about 2 million stimulus payments last week on Sept. 17. In the first batch sent in August, the agency sent out about 600,000 payments.
So far, the agency has sent out more than $1.8 billion under the second Golden State Stimulus program in the last few weeks.
Previously, the California Franchise Tax Board informed that it would be sending the payment in two-week intervals. The first batch of payments was sent on Aug. 27 and the second batch went out on Sept. 17.
The next batch of payments will go out on Oct. 5. Also, from the same date, the state will start to send physical checks to eligible Californians for whom it doesn’t have bank account information and to those who chose to receive the stimulus check via paper checks.
For the payment sent via direct deposit, it may take a few business days to show up in your bank account. On the other hand, paper checks may take up to three weeks to arrive.
The Franchise Tax Board will continue to send the stimulus payments in batches, and hopes to issue almost all payments by the end of the year.
Golden State Stimulus: Who Are Eligible For The Payment?
About two-thirds of Californians are entitled for the stimulus payment under the Golden State Stimulus program. However, to be considered for the payments, Californians must file their 2020 tax return by Oct. 15.
Talking of eligibility, Californians with AGI (adjusted gross income) of less than $75,000 are eligible for the payment. Moreover, they must have lived in California for more than half of 2020, as well as be present in the state when the payment is being sent.
All eligible residents are entitled to a stimulus payment of $600, while those with dependents will get $500 more. Moreover, those who got the payment under the first Golden State Stimulus program in May won’t be eligible, but they will get $500 if they have an eligible dependent.
Additionally, undocumented Californians with Individual Taxpayer Identification Numbers, who didn’t get the federal stimulus payment, will get $1,000. The Tax Board has come up with a handy tool to help Californians determine the amount they would get.
Gov. Gavin Newsom announced the Golden State Stimulus program in May after the state recorded a $76 billion budget surplus. The state is required to give the surplus back to its taxpayers to meet the government spending cap approved in 1979. Overall, the Golden State Stimulus program is estimated to cost the state about $12 billion.
