Today is a happy day for Minneapolis’ recipients of the unique and ground-breaking guaranteed income program since they will soon get their next $500 payment.
In the Minneapolis Guaranteed Basic Income Pilot program, which started a year ago in June 2022, this payment represents an important turning point.
Minneapolis Initiative’s Impact Unveiled
This program’s progressive strategy for tackling societal inequities has attracted attention and support. Its objectives are to eradicate poverty and promote economic security.
Through this program, qualified persons get a regular monthly cash transfer, giving them a concrete lifeline to take advantage of opportunities that may have previously been out of their grasp and to cover their basic necessities.
According to the city’s website, 200 households have been chosen to receive funds from this initiative, which they can use anyway they like. All participants receive $500 each month, according to the program’s project manager, who informed the Washington Examiner that payments are made on the 20th of each month.
Applicants needed to be 18 years old by January 1, 2022, reside in one of the designated Minneapolis ZIP codes, and earn no more than 50% of the median income for the city. Additionally, candidates had to have experienced the COVID-19 pandemic’s effects by losing their jobs, incurring increased medical costs, or being unable to get child care.
Read more: Direct Payment Update: $1,000 Stimulus Check Imminent For 1,000 Eligible Individuals
Program Evaluation by Federal Reserve Bank
According to the project manager, the Federal Reserve Bank of Minneapolis is evaluating the program.
At 80.5%, the program’s enrollees are predominantly black, native, or people of color. White or non-Hispanic grantees make up 19.5% of the total recipients.
Furthermore, 42.5% of all program participants are between the ages of 30 and 39, and 69% of program participants are women.
One individual resides in the household in around a third of the households that receive funding from this program.
Read more: Stimulus Check Distribution: Updates For Seven States In June 2023