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The Minneapolis Guaranteed Basic Income Program boosts the income of needy families with a $500 monthly guaranteed payment.
Residents in Minneapolis are expected to get a $500 monthly guaranteed payment starting next month. (Photo: Shutterstock)
$500 Monthly Guaranteed Payment
Minneapolis is gearing up to provide a much-needed financial boost to needy families through its Guaranteed Basic Income pilot program providing a $500 monthly guaranteed payment.
According to a published article in the US Sun, the initiative, set to begin this June, aims to assist low-income families in meeting essential expenses such as rent and food.
Families will receive a $500 monthly guaranteed payment for two years, allowing them the freedom to allocate the funds as they see fit. This no-strings-attached approach provides individuals with the dignity and flexibility to address their specific needs.
Minneapolis Mayor Jacob Frey emphasizes that this program stands out from traditional social safety net programs by empowering individuals to decide where the additional income should be directed.
Whether it’s investing in education, college savings, or vehicle repairs, the hope is that families will utilize the funds to enhance their long-term financial security.
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$500 Monthly Guaranteed Payment Eligibility Requirements
The eligibility for the Guaranteed Basic Income pilot to receive the $500 monthly guaranteed payment required families to demonstrate an annual income at or below 50 percent of the area median income for Minneapolis.
For a two-person household, this threshold was set at $46,950, while a family of four had to meet a qualifying income of $58,650.
Additionally, applicants had to reside in the city and provide evidence of hardship caused by the pandemic, such as job loss, reduced hours, higher healthcare expenses, or limited access to childcare or transportation.
Participants had to be 18 years or older by January 1, 2022, to be eligible for the $500 monthly guaranteed payment.
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