Minneapolis residents to receive $500 direct payment in three days.

A Guaranteed Income Program in Minneapolis Sends $500 Payments to Recipients

In just three days, the next $500 payment will be sent to hundreds of recipients as part of the Minneapolis Guaranteed Basic Income Pilot program. This program, which began last June, aims to provide monthly cash payments to recipients until June 2024.

Empowering Recipients with Financial Freedom

Two-hundred households have been carefully selected to receive these payments, and they have the freedom to spend the money in whatever way suits them best, according to the city’s website.

Qualifications for Participation

To qualify for this program, applicants had to be 18 years old by Jan. 1, 2022, reside in specific ZIP codes in Minneapolis, and have an annual income at or below 50% of the city’s median income. Additionally, they had to demonstrate how they were affected by the coronavirus pandemic, such as through job loss, increased health expenses, or limited access to child care.

Consistent Monthly Payments

The project manager for the program has confirmed that payments are processed on the 20th of every month, with each participant receiving $500. This reliable support aims to alleviate financial burdens and provide stability.

Evaluation by the Federal Reserve Bank

The Federal Reserve Bank of Minneapolis is actively evaluating the program, ensuring its effectiveness and impact on recipients’ lives.

Diverse Recipients

The majority of program recipients, at 80.5%, are black, indigenous, or people of color. The remaining recipients, at 19.5%, are either white or non-Hispanic. Furthermore, 69% of recipients are women, and 42.5% fall within the age range of 30 to 39.

Notably, approximately one-third of households benefiting from this program consist of a single individual.

Click here to read more from The Washington Examiner.