Table of Contents
Housing and utility relief
Newsom has proposed expanding the state’s rent relief program to pay 100% of back rent accrued during much of the pandemic as well as some months of future rent for low-income tenants as long as money is available. The state has begun paying a portion of back rent if landlords agree to waive some of the money owed.
The governor’s budget also calls for providing $2 billion to pay past-due water, electricity and gas utility bills for low-income residents.
Business assistance
Lawmakers are also considering a plan to make available state grants of up to $25,000 for thousands of additional small businesses, expanding a previously approved competitive program providing such assistance. The plan would add an additional $1.5 billion for a total of $4 billion in direct grants to California’s small businesses.
Stimulus and other direct payments
Under the new proposal, the state would provide $600 stimulus checks in the form of tax rebates for Californians who make up to $75,000 annually. Qualified families with dependents, including families living in the U.S. without legal immigration status, will be eligible for an additional $500. The plan would boost the tax rebates program by $8.1 billion to nearly $12 billion, helping two-thirds of Californians.
In addition, new grants totaling $1 billion would be made to workers who lost their jobs during the pandemic so they can go back to school or start their own businesses.
SOURCE ARTICLE: https://www.latimes.com/california/story/2021-05-27/california-covid-plan-stimulus-checks-rent-relief-business-grants-child-savings-accounts
FAQ’s
What housing assistance was included in Governor Newsom’s COVID-19 relief proposal?
The proposal included an expansion of California’s rent relief program, allowing eligible low-income tenants and landlords to receive assistance for unpaid rent accrued during the pandemic. The plan also included funding for utility bill relief to help qualifying residents pay overdue water, gas, and electricity expenses.
How did the proposed COVID-19 relief package support California small businesses?
The proposal expanded funding for small business grant programs, making additional grants of up to $25,000 available to qualifying businesses. The goal was to help small business owners recover from financial challenges caused by the pandemic and support ongoing economic recovery throughout California.
Why is it important for property owners and investors to stay informed about government relief programs?
Government assistance programs can significantly impact rental housing markets, tenant stability, rent collection, and property performance. Staying informed about available relief programs helps property owners, landlords, and real estate investors make informed decisions while adapting to changing economic and regulatory conditions.