More California stimulus checks to be released this week

More California stimulus payments will be hitting bank accounts this week, according to the California Franchise Tax Board.

The second round of payments of the Golden Gate Stimulus will be released on Friday, the tax board said. The estimated size of the release is 2 million direct deposit payments.

Previously, on August 27, the Franchise Tax Board released 650,000 payments. The board told SFGATE they plan to release payments about every two weeks by both direct deposit and paper check. The size of each bath varies.

For reference, it's estimated that two in three Californians will be eligible for the payments. Thus far, the Tax Board said it has identified 9 million tax returns that appear to qualify for the stimulus payments, but it expects to "receive more returns meeting GSS II requirements between now and the Oct. 15 filing deadline."

In other words, it may take a while before you receive your payment, but there's a chance that could happen this week.

How do you receive yours? Most qualifying Californians do not need to do anything besides filing a 2020 tax return, due October 15, the office said. If you have already submitted your tax return, there is nothing you need to do. For further questions, consult the California Franchise Tax Board's help section on its website.

"The Golden State Stimulus is key to lifting up those hit hardest by the pandemic and supporting California's economic recovery, putting money directly in the hands of folks who will spend it on basic needs and within their local communities," Newsom said in a statement.

Wondering how much you'll receive? The Tax Board has a handy tool on its website that helps you determine the amount.

Generally, if you qualified for the first Golden State Stimulus payment, and claimed a credit of one or more dependents, you'll receive $500. If you did not qualify for that stimulus payment and did not claim a credit of one or more dependents, you'll receive $600. If you did not qualify for that stimulus and claimed one or more dependents, you could receive $1,100. Lastly, if you qualified for the stimulus and did not claim a credit for one or more dependents, you do not qualify for the second stimulus payment.

Newsom signed a bill July 12 that includes $12 billion in relief for families "hit hardest by the pandemic."

"The state is taking on the inequities laid bare by the pandemic, expanding our support for Californians facing the greatest hardship," Newsom said at the time.

The funds were drawn from federal recovery funds and California's budget surplus.