A new stimulus check is coming your way as part of the recovery plan of $100 bn to rebuild California. Gavin Newsom, Governor, California has already signed this recovery plan of $100 bn into law. The plan is primarily focusing on helping the economy of California get on its feet. Your stimulus check is a part of that plan.
New Stimulus Check Was First Proposed By Newsom In May!
This new series of stimulus payments are going out to the residents of the Golden State. Grants for small businesses and rent relief for the struggling Californians form a major portion of the plan. This recovery plan of California was first proposed in May. Yesterday, Gavin Newsom signed this piece of legislation. The legislation reflects a huge chunk of the 2021-2022 budget agreement. This state budget forms a portion of the Comeback plan for California, designed by Gavin Newsom.
The funding for your stimulus check will come from the $100 bn recovery plan. According to the office of Newsom, the plan will provide immediate monetary relief in the hands of businesses and middle-class households who got hit by this raging pandemic. This is the largest tax rebate amount in the history of America. This is also the biggest relief package provided to small businesses across the nation.
According to the claims of Newsom, the plan will get its funding through increases in the revenue of the state. The funding for your stimulus check will also be provided by a strong and resurgent economy as well as funds from the federal recovery program. In the state of California, the system of income tax is progressive. This means that as your income increases, your tax burden will also increase!