By now, you may have heard of a second stimulus payment being dispersed, also known as the Golden State Stimulus II. The payment is expected to reach Californians as early as next week (Week of 9-01-21).
The hot question here has been:
"Will I be receiving any money from this second wave of stimulus checks?"
The Senate Finance Committee released a memo which shared that the qualifications to receive the upcoming Golden State Stimulus II will mirror what was passed under the CARES Act back in March. There are a few factors that come into play regarding qualification for the Golden State Stimulus II.
- File your 2020 taxes by October 15, 2021
- Have a California Adjusted Gross Income (CA AGI) of $1 to $75,000 for the 2020 tax year
- Have wages of $0 to $75,000 for the 2020 tax year
- Be a California resident for more than half of the 2020 tax year
- Be a California resident on the date payment is issued
- Cannot be claimed as a dependent by another taxpayer (A dependent is a qualifying child or qualifying relative. Visit FTB Publication for more information about a qualifying child and qualifying relative.)
Similar to the first stimulus payment rollout and depending on which delivery option was selected on your 2020 taxes, California can receive payment via direct deposit or a paper check via mail. Direct deposits are expected to be issued between September 1, 2021 and October 15, 2021.
Paper check timeframes are based on the last 3 digits of the zip code used on your 2020 tax return.
They go as follows:
|001-065||10/04/2021 through 10/22/2021|
|066-221||10/18/2021 through 11/05/2021|
|222-302||11/1/2021 through 11/19/2021|
|303-543||11/15/2021 through 12/03/2021|
|544-709||11/29/2021 through 12/17/2021|
|710-998||12/13/2021 through 12/31/2021|
As a reminder, in order to receive the stimulus payment, make sure to file a complete 2020 tax return by October 15, 2021.
Forbes had released an article back in June of this year with the expectations of US consumers to use the upcoming stimulus checks to further pay down credit card debt, prioritizing accounts with higher interest rates. US Consumers (and specifically our members) must not forget they have the resource to transfer their high interest credit card balances to financial institutions (like SafeAmerica Credit Union) with significantly lower interest rates than the big banks.
Known as a Balance Transfer in the finance industry, this essentially provides instant relief from high interest rates which in turn allows for more funds to be used towards paying down the principal of your loan compared to the big banks.
Taking advantage of any opportunity for saving any amount of the Golden State Stimulus II is ideal for any financial situation and a balance transfer allows just that.
Learn more about SafeAmerica's Balance Transfers and how you can take advantage of this resource by clicking the button below.