Additional California Stimulus Checks Could Be Issued for Two-Thirds of Residents

Another round of California stimulus payments could be on the cards for two-thirds of residents as part of the state's proposed "$100 billion California Comeback Plan," Gov. Gavin Newsom revealed Monday.

The announcement came as the state was reported to have one of the largest budget surpluses in state history at $75.7 billion, according to the governor.

It is unknown when the additional stimulus payments would be issued, as the plan still needs approval from California lawmakers. But if approved, "just shy of 80 percent of all tax filers" would receive additional stimulus funds, Newsom said Monday.

The latest proposal expands the state's Golden State Stimulus payments to include middle class families. Previously, only lower-income and non-citizens were eligible for the payment.

"Two-thirds of Californians will benefit from a stimulus check of at least $600, and families with kids will now benefit from an additional $500," a statement on the California government website said.

The plan would see $600 direct payments issued to all taxpayers who make up to $75,000 a year and did not receive the state's first stimulus payment.

Qualified families with dependents, including undocumented families, would be eligible to receive an additional $500 in stimulus funds, the governor's office said in a statement Monday.

The latest move triples California's Golden State Stimulus effort, with the additional stimulus payments amounting to nearly $12 billion.

The plan marks "the largest state tax rebate in American history" and the "biggest economic recovery package in California's history," the governor's office said.

The historic plan includes $5.2 billion towards helping low-income renters pay 100 percent of their overdue rent as well as their rent for several months into the future, marking the largest renter assistance package in the country.

The CA Comeback Plan also includes $2 billion to help residents with overdue water and utility bills as well as "more money than ever" to help cover tenant legal services, the state government website says.

The governor is expected to highlight other key initiatives and investments of the state's latest recovery plan throughout this week.

The state's first stimulus payments were issued by the California Franchise Tax Board (FTB) from mid-April to those who filed their taxes by March 1.

Those who filed their tax returns between March 2 and April 23 were expected to receive their stimulus payment after May 1.

Residents are advised to allow up to two weeks for direct deposit payments and four to six weeks for paper checks.

Those who filed their taxes after April 23 should allow up to 45 days after their return has been processed to receive direct deposit stimulus payments. Those receiving paper stimulus checks should allow up to 60 days after their tax return has been processed, the FTB says.

Stimulus checks Philadelphia printing 2008
Stimulus checks being prepared for printing at the Philadelphia Financial Center in Pennsylvania on May 8, 2008. Jeff Fusco/Getty Images