Minneapolis, Minnesota residents will soon begin receiving stimulus payments worth $500 per month under a new UBI program.
The residents seeing the money need to have qualified for the program in order to receive payments; they are not automatic.
This is the newest UBI program for the city.
UBI payments work similarly to stimulus payments, a more widely known form of government aid.
UBI payments are recurring, while stimulus payments are a one time thing.
Stimulus payments for residents worth $500
The enrollment is being completed by the city.
Most of the families enrolled do not have bank accounts.
This isn’t a requirement, but a local bank is offering residents a checking and savings account for the program.
The stimulus payments will be happening monthly from the Spring of 2022 to the Spring of 2024.
This means families who qualify will see $500 per month for 2 years.
The goal is to help struggling families afford rent or food, as well as help with long term thing like car repairs or college savings.
Aid worth up to $65,000 available for those behind on mortgage payments
Eligibility for the $500 monthly payments
There are some requirements participants need to meet before they were considered for the program.
Applicants must be 18 and show they were negatively impacted financially by the pandemic.
This could mean loss of employment, reduced hours, healthcare payments, no child care, and loss of technology or transportation.
The annual income of families needs to be at or below 50% of the AMI for Minneapolis, which is $52,450 for 4.
About 13,000 applications were submitted for the stimulus aid, but not everyone was chosen.
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