Two-thirds of Los Angeles is about to get a little bit richer.
Governor Newsom recently announced plans for another round of stimulus payments.
This will be the 5th stimulus payment for many Californians.
There have been 3 different federal stimulus checks sent out so far.
- The first was for $1,200
- The second was $600
- The third was for $1,400
- For a total of $3,200
First State Stimulus
California residents with incomes of $30,000 or below also received a state stimulus check of $600.
Why Do We Need a Stimulus?
This stimulus is necessary because of the enormous toll Covid took on California.
Covid’s impact was felt especially hard in Los Angeles County. L.A. had more covid cases (and deaths) than any other county in the state.
Who Will Get This Stimulus?
The previous Golden State Stimulus had an income cap of $30,000. That meant that many residents were left out.
This time, the cap will be much higher. The income cap will be $75,000. That means an estimated 66% of residents are eligible.
How Much Will You Get?
$600 is the standard amount. But, families with children will get an extra $500.
Note: Families with children will get an extra $500 total, not per child.
When Will You Get It?
This stimulus check has not technically been approved. Therefore, it’s impossible to say exactly when people can expect to get it.
We should know more information soon.
What Should You Spend it on?
The short answer is whatever you want. This money comes with no strings attached, so enjoy.
With Los Angeles reopening fully on June 15th, people will have plenty of options.