Stimulus has been ‘outsized’ in US vs. rest of world: Market expert
Federated Hermes senior equity strategist Linda Duessel warns that the U.S. is overspending on stimulus.
California sent out the first batch of Golden State Stimulus payments this week, delivering payments to more than 600,000 residents.
The COVID-19 relief checks started hitting bank accounts on Friday, according to California Franchise Tax Board spokesperson Daniel Tahara. The government has so far distributed about $354 million in the first wave.
The payments, which will be sent by either direct deposit or paper check, will be issued in two-week increments.
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The second round of stimulus checks for California residents is part of Gov. Gavin Newsom's $100 billion budget that he signed into law in July. As part of the plan, the state expects to provide about$12 billion in coronavirus relief to 15.2 million California households – or about two-thirds of the state's taxpayers.
"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.
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Eligible recipients include current California residents who lived in the state for more than half of the 2020 tax year and individuals who earned $75,000 or less in 2020. Residents are also required to file their taxes by Oct. 15 in order to qualify for the money, which is a rebate on 2021 taxes.
Anyone with a Social Security number who qualified for the first Golden State Stimulus payment and claimed a credit of one or more dependents will receive $500. Those who didn't qualify for the first stimulus payment and didn't claim a credit of one or more dependents will receive $600, while those who did not qualify for the first stimulus payment and claimed one or more dependent will receive $1,100.
Californians can calculate their estimated stimulus check using the state's online tool.
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Individuals who opted to receive the cash via direct deposit can expect it to arrive sometime between September and mid-October.
The checks have started to arrive as California voters decide whether to recall Newsom, a Democrat, in a Sept. 14 special election.
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