Governor Gavin Newsom signed the Golden State Stimulus package into law Tuesday, which many Santa Clarita Valley business owners and residents are set to have access to soon.
The Golden State Stimulus package was signed into law Tuesday, providing relief to California’s small business owners and low-income residents, including those in the Santa Clarita Valley.
“California will provide the Golden Status Stimulus payment to families and people who qualify. This is a one-time $600 or $1,200 payment,” reads the state’s website on the bill. “You may receive this payment if you receive the California Earned Income Tax Credit (CalEITC) or file with an Individual Taxpayer Identification Number (ITIN).”
The $7.6 billion relief package builds upon the $500 million that has already been distributed to small businesses, according to Gov. Newsom.
To receive stimulus payments, no action is needed as long as recipients qualify and have filed their 2020 taxes by October 15, 2021.
The following is needed for residents to qualify:
- Must be California residents on the date payments are issued
- Filed taxes in 2020
- Must be either CalEITC recipients or ITIN filers who made $75,000 or less (total CA AGI)
If residents qualify for payment, they will either receive a one-time payment of $600 or $1,200 depending on 2020 tax filing.
“Typically, you’ll receive this payment using the refund option you selected on your tax return,” reads the state’s website. “If you received an advanced refund through your tax service provider, you’ll receive your payment by check in the mail.”
Residents will receive a $600 payment if one of the following is true of their 2020 taxes:
- Residents are CalEITC recipients with a SSN
- Residents are not CalEITC recipients but they filed with an ITIN and made $75,000 or less (total CA AGI)
- Residents file a joint return, made $75,000 or less (total CA AGI) and at least one person files with an ITIN
Residents will receive a $1,200 payment if one of the following is true of their 2020 taxes:
- Residents are CalEITC recipients with an ITIN
- Residents file a joint return, are recipients of CalEITC and at least one person files with an ITIN
Around 5.7 million checks are set to be given to low-income Californians, including recipients of Supplemental Security Income and low-income families with children enrolled in CalWORKS.
Payments are expected to begin in March, once 2020 tax returns are processed.
Newsom reportedly stressed to California residents that payments are grants, not loans from the state.
For more information or questions on payments, visit this site to contact a representative.
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