One city plans to give residents $350 payments for ten months, who’s eligible?

Americans are calling on President Joe Biden to give them another stimulus check ahead of the holidays. Whether it will actually happen is still unclear.

New Orleans in Louisiana will be giving eligible teens and young adults $350 every month for ten months. This is all a part of the state’s new financial literacy program.

125 residents between the ages of 16 and 24 will receive the payments. The payments will begin in the spring.

Related: One city is giving out $500 in stimulus funds every month for one year

By the end they will have received $3,500.

This is a trial for a Universal Basic Income program because the payments are recurring over a set number of months.

Chicago and Los Angeles are also starting a trial UBI program for their eligible residents.

The goal for New Orleans is to help educate their younger residents on banking.

Related: You may get some cash before Christmas if you’re eligible and live in these cities or states

Many residents in Louisiana don’t actually utilize banking services like savings or checking accounts. 15% of the population doesn’t use a bank.

New Orleans and Mastercard, Mobility Capital Finance are working together to close the racial and wealth gaps seen in the city.

The money will be given on a loaded ATM card.

The residents chosen will also be unemployed or not currently in school.

Related: Stimulus check: additional 2.57 million stimulus checks going out this year worth up to $1,100


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