Stimulus Check Update: Minneapolis Residents To Receive $500 Every Month

News of the stimulus check is eagerly anticipated by many Americans, especially given the rising inflation rate. However, states are stepping up to support their inhabitants to provide payments for individuals. The upcoming payment to recipients of a guaranteed income program in Minneapolis will be processed in three days.

Stimulus Checks In Minneapolis

The Minneapolis Guaranteed Basic Income Pilot, which started in June 2022 and will give beneficiaries monthly cash benefits through June 2024, is responsible for the payment, which will be made on May 20. Based on the city’s website, 200 households were chosen to receive funds from this program, and they may all spend the $500 cash any way they saw fit. A candidate had to be eighteen years old by January 1, 2022, earn no more than 50% of the Minneapolis area median income, and reside in one of the program’s designated ZIP codes to be eligible. Additionally, candidates need to have experienced the coronavirus pandemic’s effects. The pandemic’s qualifying consequences can include abandoning a job, incurring increased medical costs, or being unable to access child care.

Stimulus Payment Of $500

The manager of the project for this guaranteed revenue program said that all members receive $500 each month and that payments are made on the 20th of each month. The Federal Reserve Bank of Minneapolis is evaluating the program. According to this program’s demographics, 80.5% of its beneficiaries are black, native, or people of color. White or non-Hispanic grantees make up 19.5% of the total recipients. Furthermore, 69% of program participants are female, and 42.5% of participants are between the ages of 30 and 39. One individual resides in a household in around a third of the households that receive funding from this program reports Washingtonexaminor.

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