Americans in one city will soon see monthly UBI payments worth $500, but they must qualify to see the first payment this month.
Families are currently completing the enrollment process to receive the payments.
Many don’t have bank accounts, but a local bank has offered the service.
Having a bank account is not a requirement to enroll in the program.
Minneapolis UBI program explained
The length of the UBI payments will last from Spring of this year, 2022, to Spring of 2024.
The families getting payments will see 24 monthly payments of $500.
There are no requirements for how families choose to spend this money.
One of the goals is to offset the cost of rent and food for low income families, as well as long term investments.
This includes tuition, a college savings plan, or repairing a car.
Who is eligible for this program?
There are a few requirements residents must meet before they enroll in the program.
- Being 18 or older
- You must have been impacted by the pandemic somehow
- Your annual income is at or below 50% of the AMI for Minneapolis
- You reside in one of the following zip codes:
13,000 applications were submitted and those who met requirements were randomly selected.