The Golden Gate Stimulus is a $3.8 billion package approved in February that provides Californians with the new stimulus checks. Governor Gavin Newsom of California signed the $100 billion California Comeback Plan into law back in July.
And on Friday this month, a total of 1.15 million payments valued at $857 million which is a part of California’s Golden State Stimulus II program, stimulus payments will be distributed, putting some extra cash in recipients’ pockets and bank accounts.
On Friday this month, a total of 1.15 million payments valued at $857 million which is a part of California’s Golden State Stimulus II program, stimulus payments will be distributed, putting some extra cash in recipients’ pockets and bank accounts. (Photo: MARCA)
Golden State Stimulus Program
With the Golden State Stimulus program, Californians who had been hit hard by the pandemic could get back on their feet. As a result, it provided additional assistance to low-income immigrants who had previously been left out of previous rounds of federal stimulus checks.
Over a million Californians who are eligible for a Golden State Stimulus check but have not yet received one could receive one as soon as this week, according to KTLA. In addition to the 400,000 payments that will be deposited directly into bank accounts on Friday, 750,000 paper checks will be mailed out starting on Monday as part of the disbursement process.
According to BGR, approximately 4.5 million Golden State Stimulus II payments have been made thus far and those are worth a total of $3.2 billion. Direct deposits have been made on 3.3 million of those payments and the remaining 1.2 million checks were mailed as paper checks.
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On Friday this month, a total of 1.15 million payments valued at $857 million which is a part of California’s Golden State Stimulus II program, stimulus payments will be distributed, putting some extra cash in recipients’ pockets and bank accounts. (Photo: CNET)
Capital Gains In California
California’s GSS II program offers up to $1,100 in grants to low-income residents who earned $75,000 or less in the previous year — $600 for the individual and an additional $500 for a qualifying dependent, as per ABC10. The money came from the state’s last budget, which lawmakers approved.
It was only in August when California began issuing checks via direct deposit and began mailing them out earlier this month. If the recipient is receiving a paper check, the wait time will be longer; the California Franchise Tax Board recommends allowing up to three weeks for delivery after the check is sent.
According to Forbes, California can afford these stimulus checks because the pandemic did not as severely hit the state’s wealthiest residents as the rest of the population. Many of these people work in the technology industry, which made a lot of money during the pandemic. The total capital gains in California totaled around $174 billion by the year 2020.
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