This New Coronavirus Stimulus Check to Go Out Earlier Than Expected

0
This New Coronavirus Stimulus Check to Go Out Earlier Than Expected
jewhisperer / Pixabay

It is widely known that California will be sending another stimulus check to eligible residents under the Golden State Stimulus check program. What many may not know is that the new coronavirus stimulus checks will start going out as early as Friday, i.e. from today.

Get The Full Ray Dalio Series in PDF

Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues

Q2 2021 hedge fund letters, conferences and more

SALT New York 2021: Wences Casares And Peter Briger On The Macro Case For Bitcoin

BitcoinAt this year's SALT New York conference, Wences Casares, the chairman of XAPO, and Peter Briger, the principal and co-chief executive officer of Fortress Investment Group discussed the macro case for Bitcoin. Q2 2021 hedge fund letters, conferences and more XAPO describes itself as the first digital bank of its kind, which offers the "convenience" Read More

New Coronavirus Stimulus Checks From California

Previously, the next round of payment under the Golden State Stimulus check program was expected to go out from September 1. The same date is listed on the California Franchise Tax Board’s website as well.

On Thursday, however, state officials announced that the payments would start to go out on Friday. Gov. Gavin Newsom made a similar announcement yesterday as well.

“The Golden State Stimulus is key to lifting up those hit hardest by the pandemic and supporting California’s economic recovery, putting money directly in the hands of folks who will spend it on basic needs and within their local communities,” Newsom said in a statement.

As per the Franchise Tax Board, the state plans to send the stimulus checks in batches every two weeks. The state, so far, has determined that about 9 million tax returns are eligible for the payment.

“We expect to receive more returns qualifying for (the Golden State Stimulus II) between now and the Oct. 15 filing deadline,” Andrew LePage, a spokesman for the Franchise Tax Board, said in a statement to sacbee.com.

The payment will be issued either via direct deposit or paper check. Paper checks would take about three weeks to arrive after they are mailed, while the payment sent via direct deposit would take a few days to show up in the recipients’ bank accounts.

Golden State Stimulus Check Program: Who Will Get The Payment?

Even though payment would start to go out on Friday, the California Franchise Tax Board still expects most direct deposit payments to go out between September 1 and October 15. Moreover, the taxpayers who filed their return after August 20 could expect a delay in the payment as it could take up to 45 days for the authorities to process their return.

Eligible recipients’ will get stimulus checks ranging from $500 to $1,100 from the state. Newsom previously said that the second Golden State Stimulus check program would cover about two-thirds of California residents.

To be eligible for the payment, the residents must have a gross income between $0 to $75,000 for the year 2020. Also, they must have lived in California for over half the 2020 tax year, as well as live in California on the date the payment was issued. Another requirement is that you must not be claimed as a dependent by another taxpayer.

You can visit the state’s online tool, to know more about the stimulus payment and to check if you qualify for the payment, as well as to get an estimate of the amount you’ll get.

Updated on

No posts to display