Minneapolis residents will receive a $500 Stimulus check as part of the city’s Guaranteed Basic Income pilot program, launched in June 2022, to address their essential needs.
The Minneapolis Guaranteed Basic Income pilot program, launched in 2022, aims to enhance the financial security of families. Selected residents receive a monthly stimulus check from the city until June 2024.
Freedom to Utilize Stimulus Check as Desired
The primary objective of the program is to assist low-income households in covering essential expenses such as rent and food. Minneapolis also encourages recipients to utilize the funds for long-term investments like education, college savings, and vehicle repairs.
The payments, known as Excess Cash Flow Value Funds, are invested in an event-driven equity and credit strategy.
The stimulus checks are distributed monthly for a duration of two years, and recipients have the freedom to spend the money as they wish. 200 homes will each get a check as a result of the program’s selection.
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Eligibility Requirements
Payments initially began in June of the previous year, and this June marks the start of another year of checks for families, with the next payment scheduled for this Saturday.
To qualify for the stimulus check, families must have an annual income equal to or below 50% of the median income for Minneapolis. The qualifying income, for instance, is $46,950 for a family of two and $58,650 for a family of four.
Applicants must be at least 18 years old by January 1, 2022, and reside in specific ZIP codes designated by the program. Additionally, they need to provide evidence of hardship resulting from the COVID-19 pandemic.
Families who experienced reduced work hours, job loss, increased healthcare expenses, or a loss of access to childcare due to the pandemic may qualify for the Guaranteed Basic Income pilot program.
Notably, the program has had a significant positive impact on women, with 69% of recipients being female. Furthermore, over 80% of beneficiaries are individuals who identify as Black, Indigenous, or people of color, according to data provided on the program’s website.
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