Californians could see an extra financial boost after Gov. Gavin Newsom unveiled a proposal to send new stimulus checks and renter assistance to residents on Monday.
The $100 billion comeback plan announced by Newsom, a Democrat, calls for a total of about $12 billion in direct payments to residents and around $5 billion in renter assistance.
The plan also includes $2 billion to help state residents pay overdue water and utility bills.
More from Personal Finance:
Is a $300 unemployment boost holding back jobs? Yes and no
Getting these Social Security questions wrong could cost you
There’s one week left to contribute to 2020 IRAs
The proposal from Newsom — who’s facing a recall vote, likely this November — comes as the state posts a record $75.7 billion budget surplus.
Under the terms of the plan, 2 out of every 3 Californians would get stimulus checks.
Residents with income up to $75,000 would receive $600, according to the proposal.
Families with dependents and undocumented families would be eligible for an additional $500.
Gov. Newsom: California plans to end most Covid restrictions on June15
The plan also touts “the largest renter assistance package of any state in America,” according to Newsom’s office, totaling $5.2 billion.
The proposal would help low-income renters cover both back rent and rent payments for several months into the future. It also includes aid for tenant legal services.
