A guaranteed income program in Minneapolis will process its next payment to recipients in three days.
The payment, which will be sent on May 20, is a part of the Minneapolis Guaranteed Basic Income Pilot, which began in June 2022 and is expected to pay recipients monthly cash payments through June 2024. Two-hundred households were selected to receive payments from this program, and they can all spend the $500 payments in whatever way suits them best, according to the city’s website.
CREDIT CARD DELINQUENCY RISING AMONG YOUNG ADULTS: REPORT
To have been eligible for this program, an applicant had to be 18 years old by Jan. 1, 2022, have an annual income at or below 50% of the area median income for Minneapolis, and live in one of several ZIP codes specified by the program. Additionally, applicants had to have been affected by the coronavirus pandemic. Qualifying effects of the pandemic include losing a job, having higher health expenses, or losing access to child care.
The project manager for this guaranteed income program told the Washington Examiner that payments for this program are processed on the 20th of every month and all participants receive $500 every month.
The program is being evaluated by the Federal Reserve Bank of Minneapolis, according to the project manager.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Regarding the demographics of this program, recipients are mostly black, indigenous, or people of color, at 80.5%. The other recipients, at 19.5%, are either white or non-Hispanic. Additionally, 69% of the program’s recipients are women, and 42.5% of all recipients are between 30 and 39.
About a third of households receiving money from this program have just one person in the household.
