Many people living in California are having a tough time due to the rising cost of living and the effects of the COVID-19 pandemic; the good news is that some aid is coming. The state will launch a big stimulus plan, including direct payments of up to $6000 to low-income households.
Advancing Fresno County Guaranteed Income Program
This stimulus has been named the Advancing Fresno County Guaranteed Income program and is aimed at residents of Fresno County only. Fifteen households with young children and extremely low income will be given $500 monthly, which totals $6000 for a year.
It assists in alleviating the pressure of increasing costs of the necessities of life such as food, shelter, medical expenses, and other related costs. Inflation has continued to rise, making it hard for many people to afford basic needs, thus slowing the progress of overall economic growth. The state aims to revive the consumption demand, stabilize the financial status of recipients, and ensure that families are out of the poverty bracket by providing them with cash.
When should approved applicants start receiving these $500 monthly payments? Based on the payment plan, the stimulus money’s initial payments will begin in June 2023. Recipients will then receive the monthly $500 payments up through May 2024, the final payment of $6,000.
California’s Larger Stimulus Initiative
Besides the more specific Fresno program, California has an even bigger stimulus plan that could deliver checks to millions more families. The $6000 California Stimulus Checks 2024 program aims to help approximately 8. 3 million low-income taxpayers throughout the state.
For this broader program, stimulus amounts will be pegged on the income and number of dependents listed below. For single individuals, childless adults with an adjusted gross income (AGI) of less than $75 000 receive $350 monthly, and for joint filers earning less than $150 000 in AGI, they receive $700 monthly. There are also other $350 monthly allowances for every dependent child with a maximum of two children.
In simpler terms, a family with two children can get $1400 every month from June 2023 to November 2024 without any interruption. A single parent with one child could receive $700-$1050 monthly for that period.
Eligibility Requirements
To be eligible, applicants must have filed state taxes for the current fiscal year, 2021, be residents of California, and meet the income requirements. They must also have a valid social security number or individual taxpayer identification number.
Critics say that direct provision of cash grants leads to inflation, but supporters think that putting money in people’s hands in such circumstances is safe given the high costs. The stimulus payments can be spent on any necessary and reasonable expenses, including food, housing, transportation, utilities, clothing, etc.
For the program’s lowest-income beneficiaries, $500 per month can dramatically improve their quality of life. Research shows that such direct cash transfers cut poverty levels and enhance child health and education.
California’s Budget Plan
The $6000 stimulus checks are included in California’s $308 billion state budget for the next fiscal year. Of that, about $17 billion is spent on inflation assistance, and millions of families can continue to pay their bills.
The approved recipients of the cash transfers start to wait for the first of their monthly payments as the payment dates approach. The additional funds should help to alleviate some of the state’s affordability woes, although it may not eradicate the problem. Stimulus money goes a long way when it is in the hands of a struggling family classified as low-income earners.