Cook County, Illinois introducing its $42m Promise program, which gives 3,250 families $500 a month

October 5, 2022 William Johnson Stimulus Check, US Local News 0

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Cook County, Illinois, which includes Chicago, is introducing its $42million Promise program, which will give 3,250 households $500 a month in automatic income.

It will last for 24 months.

The move aims to provide aid for low-income residents.

“Decades of research shows that people spend cash benefits wisely, leading to more financial stability as well as improved physical, emotional and social outcomes,” Cook County Board President Toni Preckwinkle said in a statement.

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Who qualifies?

To be eligible, Cook County residents must be at least 18 years old, with income that’s 250 percent of the federal poverty level

But keep in mind those already enrolled in Chicago’s own income pilot program do not qualify for this program as well.

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County elected officials and employees are also not eligible.

Only one person per-household can redeem the payments.

How to apply

The program’s webpage will be updated Thursday, October 6 with a link to the application.

While the application must be completed online, the county offers numerous sites for in-person assistance.

Applicants are also not required to reveal their immigration status.

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Officials expect the payment to start rolling out this winter.

You can also sign up for updates on its website.

Other basic income programs

Cook County is one of the numerous areas to experiment with basic income programs.

California has introduced a host of guaranteed income pilot programs throughout the state.

Los Angeles is one of the cities, offering eligible residents $1,000 per month.

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Also, Phoenix, Arizona has been sending out $1,000 per month on debit cards to qualified families.

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And Alaska offers a yearly payment through its Permanent Fund Dividend, which gives citizens a piece of the state’s oil revenues.

This year, the PFD in combination with a one-off energy payment is worth $3,284 combined this year.

Check out this list to see if your area also offers a basic income program.

And, read about which areas are sending out tax rebates soon.

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Demystifying the world of finance is my mission. As a finance news writer with 7 years of experience, I've covered everything from breaking market news to in-depth analysis of industry trends. I'm here to keep you informed and empowered in your financial journey.