Some Minneapolis residents will soon get a stimulus check of $500 to help them meet their basic needs. The stimulus check from Minneapolis is part of the city’s Guaranteed Basic Income pilot program, which started in June 2022.
Minneapolis Guaranteed Basic Income Pilot: What Is It?
The Minneapolis Guaranteed Basic Income pilot program started in 2022 to help families become more financially secure. Under the program, selected residents will get a monthly stimulus check from Minneapolis through June 2024.
Specifically, the program aims to help low-income households pay for essentials, such as rent and food. The city also hopes the recipients will use the money on long-term investments, such as tuition, college savings and vehicle repairs.
Payments are scheduled to go out every month for two years, and recipients are free to spend the money on whatever they want. The program selected a total of 200 households to receive the stimulus checks.
Payments originally started going out in June last year, and now, another year of checks for families will start to go out this June. This month’s payment will be sent this Saturday.
Who Gets The Stimulus Check From Minneapolis?
To qualify for the stimulus check from Minneapolis, the familys’ annual income must be at or below 50 percent of the area median income for Minneapolis. For example, the qualifying income for a family of two is $46,950, while for a family of four it is $58,650.
Also, residents must be 18 years or older by Jan. 1, 2022, and live in one of several ZIP codes specified by the program. Additionally, residents need to provide proof that they witnessed some hardship because of the COVID-19 pandemic.
Families who experienced reduced hours or job loss during the pandemic could qualify for the Guaranteed Basic Income pilot program. Additionally, those who experienced higher healthcare payments or loss of access to childcare may also qualify for the stimulus payment.
The Minneapolis Guaranteed Basic Income pilot program has benefited women significantly. As per the data on the program’s website, 69% of the recipients are female, while over 80% of the beneficiaries are black, indigenous or people of color.
Moreover, the data shows that the average age of recipients is 38 years. The stimulus money, however, has benefitted those from 18 years old, up to 88 years old. As for income, 55% of the recipients earned under $19,999 last year.
Regarding household size, recipients reported household sizes ranging from 1-9 people, with the average being 3. Further breaking down the data reveals that 33% of recipients reported a household size of one, 20% reported a household size of two, 12.5% reported a household size of five, and 1% reported a household size of nine people.
Visit this link for more information on the Minneapolis Guaranteed Basic Income Pilot.
This article originally appeared on ValueWalk
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.