New Jersey residents will receive their next payment from a guaranteed income program tomorrow.
The payment is scheduled for July 1 and will be worth $250. It will be for 200 out of the 400 recipients of the Newark Movement for Economic Equity program.
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Half of the recipients receive smaller payments twice a month, while the other half of recipients receive larger payments once every six months, the Newark mayor's press secretary told the Washington Examiner.
"We’ve helped people to avoid eviction, supported residents to get back on their feet after being hospitalized with COVID, provided funds for families to stabilize themselves during great economic turmoil, putting clothes on their kids’ backs," said Kevin Callaghan, the Newark philanthropic liaison.
Applicants eligible for the program needed to be at least 18 years old and have an income that fell 200% below the federal poverty income threshold. All recipients of this program were randomly selected.
People who receive the smaller payments twice a month are scheduled to receive their payments on the first and 15th of the month. On the other hand, people who receive their payments only twice a year receive their payments in May and October.
Around 41% of residents in the program spend the payment they receive at retail stores to buy clothing, food, and necessities, while 26% spend their funds at grocery stores, according to Callaghan. Additionally, 10% spend their funds on housing and utilities, and 9% spend their money on transportation and car expenses.
"Formal results will be released by our research partner, the Center for Guaranteed Income Research at the University of Pennsylvania, in 2024. Participants complete detailed surveys twice a year that assesses their physical health, mental health, financial security, housing stability, and more," Callaghan said.
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This program started in October 2021 and is set to conclude in October 2023.
Additional information can be found on the program's website.