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$100B economic recovery plan included in California's 2021-2022 budget

Posted at 6:14 PM, Jul 13, 2021
and last updated 2021-07-13 21:14:49-04

LOS ANGELES (KGTV) -- Tuesday, Gov. Gavin Newsom detailed plans of a $100 billion recovery plan dubbed the “California Comeback Plan” while publicly signing the state’s 2021-2022 budget.

“I’m signing a historic budget; it’s unprecedented not only in California history, but this budget is unprecedented in American history,” said Newsom. He explained that the state also has a budget surplus of $80 billion.

“We’re also providing the biggest tax rebate in American history, 12 billion dollars to literally three-quarters of all tax filers.”

The recovery plan includes $12 billion for the Golden State Stimulus program. Two out of every three Californians qualify to receive $600 stimulus checks. Qualified families with kids will receive an extra $500 on top of that.

In May, the state released the following information:

  • $600 direct payments to all taxpayers who make up to $75,000 a year and did not receive a first payment
  • Additional $500 in direct payments to families with dependents
  • Additional $500 in direct payments to undocumented families

The plan also includes $5.2 billion to help low-income renters and landlords who struggled during the pandemic.

“People that have been directly impacted by this pandemic, we will pay 100 percent of your rent,” explained Newsom. Going back to April of last year and going forward to September 30th of this year.”

Newsom said the state is also providing the most extensive small business relief program in the nation. A total of $4 billion in grants will go directly to small businesses, that’s in addition to the more than $6 billion in tax relief.

“We are extraordinarily proud working with the legislature to design this program, so the dollars get to those that need it the most and deserve it the most as well,” said Newsom.

Roughly $12 billion over two years will be included to tackle California’s homelessness crisis. Money will also be used for public schools, wildfire prevention, and infrastructure.