Michigan Launches Guaranteed Income Program for Low-Income Entrepreneurs

August 19, 2023 William Johnson Stimulus Check, US Local News 1

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The Ann Arbor City Council has approved a guaranteed basic income program that will provide $527 per month for two years to 100 low-income entrepreneurs in the city.

The program is funded by $1.6 million in American Rescue Plan Act (ARPA) funds. It is being administered by the city in partnership with the University of Michigan.

To be eligible, participants must have an income below 300% of the federal poverty level and identify as a low-income entrepreneur.

The program is expected to start in January 2024.

Mayor Christopher Taylor said the program is a way to help low-income entrepreneurs “get ahead and build a better future for themselves and their families.”

“Guaranteed income programs are flourishing across our country, and they are proving to be an impactful tool to combat generational poverty,” Taylor said in a statement.

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Ann Harbor Program

The program is one of several guaranteed income programs that have been launched in recent years. Other cities that have launched guaranteed income programs include Los Angeles, Oakland, and Stockton, California.

Researchers are still studying the impact of guaranteed income programs, but early results suggest that they can have a positive impact on participants’ financial well-being, mental health, and employment status.

The Ann Arbor program is expected to provide valuable insights into the potential benefits of guaranteed income programs.

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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.