In order to assist low-income individuals and families, the Franchise Tax Board (FTB) of California has launched a new financial assistance program. In 2024, the initiative will provide $6,000 California Stimulus Checks to help offset rising living expenses and unstable economic conditions.
In order to provide necessary assistance during the COVID-19 pandemic, these stimulus cheques were first issued; however, as things improved, the payments were stopped. However, because of increasing living costs and inflation, many people continue to face financial difficulties and need assistance. California has declared that $6,000 in stimulus cheques will be provided in response to this need.
Over the course of 18 months, the monthly payments will be disbursed. Based on predetermined standards, the amount awarded will be decided. The payments will be made until November of this year, having started in June 2023.
Who is Eligible to receive this $500/Month stimulus check?
Residents who fulfill specific eligibility requirements are intended to benefit from the California stimulus cheques. Individuals must fulfill the following criteria in order to be eligible for this financial aid:
Residency
Candidates for residency must be California permanent residents.
Limits on Income
The recipient’s eligibility is influenced by their annual income.
Individuals must earn $75,000 or less per year in order to apply on their own. If their annual income exceeds $75,000, they will not be eligible for the payment.
The combined yearly income of married couples filing jointly must be $150,000 or less. The pair will not be eligible for the stimulus cheques if their combined annual income exceeds $150,000.
Qualifications for Filing Taxes
The person must have submitted their 2020 income taxes before October 21, 2021, in order to qualify. This implies that by this time, they ought to have finished and filed their tax return.
SSN, or Social Security Number
A Social Security Number (SSN) is required of the person. In order to confirm their identification and make sure they fulfill the requirements for the payment, this number is utilized.
How will the payment for the stimulus be made?
The stimulus payments won’t be given out all at once. Instead, a $350 monthly payment will be made to qualified persons. The monthly benefit for married couples filing jointly is $700. Up to two dependent children will receive an additional $350 per month.
Monthly payments for families with one child might range from $700 to $1,050. These payments are meant to assist low-income families better manage their budgets by paying for necessities like groceries, medical care, and education.
Timeline for the $6000 Stimulus Check
In June 2023, the FTB started disbursing the stimulus funds. Until November 2024, these monthly installments will be made. Every month, recipients can count on their payments to come on time.
They are encouraged to wait three more business days before contacting the FTB for assistance if there are any difficulties. An estimated 8.3 million low-income households will benefit from this initiative, according to the state.
Residents of California are expected to receive financial relief through the California stimulus checks, but the payments that were supposed to arrive this month have not yet been made. Officials have said the checks will be released in the next several days, but no specific date has been set.