The Franchise Tax Board (FTB) of California has started a new scheme to help people and families with low incomes. In 2024, the program will give out $6,000 California Stimulus Checks to help people deal with rising costs of living and an unstable economy.
At first, these stimulus checks were sent out during the COVID-19 pandemic to help people in need, but as things got better, the payouts stopped. High prices and living costs, on the other hand, mean that many people still need help with their money. Because of this need, the state of California has said it will give out $6,000 relief checks.
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The payments are due every month and will be spread out over 18 months. The amount that is given will be based on certain rules. Payments began in June 2023 and will keep coming in until November of this year.
Who is Eligible to receive this $500/Month stimulus check?
The California relief checks are meant to help people who live there and meet certain requirements. People must meet the following conditions in order to be qualified for this financial aid:
Those who want to apply must live in California permanently.
How eligible someone is depends on how much money they make each year.
People who are applying on their own must make less than $75,000 a year. This person will not get the payment if they make more than $75,000 a year.
If a married pair files their taxes together, they should make no more than $150,000 a year. They won’t be able to get the stimulus checks if they make more than $150,000 a year.
So that they can be qualified, the person must have turned in their 2020 taxes by October 21, 2021. In other words, they had to finish and send in their tax report by this date.
The person needs to have a Social Security Number (SSN). This number is used to make sure they are who they say they are and that they meet the requirements for the payment.
How will The Stimulus Payment Be Given?
The stimulus checks won’t be given out all at once. Instead, people who are qualified will get $350 every month. Couples who file equally and are married will get $700 a month. Up to two children who depend on the parent will get an extra $350 a month.
Every month, families with one child could get $700 to $1,050. The goal of these funds is to help low-income families better balance their budgets by covering important costs like food, medical care, and school.
$6000 Stimulus Check Timeline
The FTB started giving out the boost money in June 2023. These payments will be made every month until November 2024. People who are supposed to get payments can count on getting them every month.
They are told to wait an extra three business days before asking for help from the FTB in case of problems. The state thinks that this program will help about 8.3 million low-income families.
The California stimulus checks are set to provide financial relief to residents, but the payments scheduled for this month are still pending. Although no exact date has been announced, officials have stated that the checks will be released in the coming days.