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California recently committed to establishing a trust fund for children who lost a parent or caregiver to the Coronavirus pandemic and for children in the foster care system. 

The state approved $100 million in total which will be allocated into interest-bearing accounts for Children from low-income families who have lost a parent to COVID-19 and those in the state’s foster care system, the Associated Press reported. 

The interest-bearing accounts will be managed by the state treasurer’s office. 

Although it remains unclear how much money each child receives, an early proposal penned by state Sen. Nancy Skinner, D-Berkely would give $4,000 kids up to 9, while older kids would receive $8,000. 

Sen. Skinner’s early proposal, The Hope for Children Act, would also ensure that those children who are not eligible for federal survivor benefits would still receive survivor support from a new state program titled the CalHope Program. 

The funds approved by the state would provide funding for about 16,000 kids, AP reported. The money would become available to recipients once they become adults. 

“The Hope for Children Act is the first of its kind that seeks to provide support to children who must now fill the role of their parental figures to meet their basic needs. The trust accounts, modeled after ‘baby bonds,’ will ensure that these children have financial resources when they are transitioning into adulthood and will create the opportunity for California to support foster children and other children disproportionately impacted by poverty in the future. The CalHope program will also provide survivor benefits so that burden is lifted,” said Shimica Gaskins, president, and CEO of GRACE – End Child Poverty in CA in a news release. 


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