California Governor Newsom Signs $7.6B Package with $600 Stimulus Payments
California Gov. Gavin Newsom signed a $7.6 billion relief package. 5.7 million people will receive $600 one-time payments. Small businesses can also qualify for the payments - there are over $2 billion in grants for this purpose.
Who is eligible to receive the $600 one-time payment?
About 5.7 million people will receive the $600 one-time payment. People who make up to $30,000 per year can get the payment by claiming California earned income tax credit.
Who else can get the $600 stimulus payment? Those who do not have Social Security numbers use individual taxpayer identification numbers (ITIN) and those who make up to $75,000 per year. Immigrants were not eligible to get the federal stimulus payments, but they can get this one.
People who already get payments from state programs (low-income families, the elderly, the blind, and the disabled) should automatically get the $600 payment.
How long will it take to get the money? People are supposed to get the money between 45 days and 60 days after receiving their state tax refunds.
What businesses are eligible to receive the money?
Businesses that make between $1,000 and $2.5 million annually. Women and minorities-owned businesses get the priority.
There is more: a bill is not approved yet, but businesses will likely be able to deduct at least $150,000 in expenses covered by federal loans from their state taxes.
As soon as the law passes, the total stimulus package will be almost $10 billion.