A guaranteed income program in Minneapolis will send its next $500 payment to hundreds of recipients in only two days.

The payment, which will be sent on June 20, is part of the Minneapolis Guaranteed Basic Income Pilot program that began a year ago in June 2022. It is expected to pay recipients monthly cash payments through June 2024.

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The project manager for the program told the Washington Examiner the payments are processed on the 20th of every month, with all participants receiving $500 every month.

To qualify for the program, applicants had to be 18 years old by Jan. 1, 2022, live in one of the specified ZIP codes in Minneapolis, and have an annual income that is at or below 50% of the city's median income. Additionally, applicants had to have been affected by the COVID-19 pandemic by losing a job, having higher health expenses, or losing access to child care.

The program is being evaluated by the Federal Reserve Bank of Minneapolis, according to the project manager.

Two hundred households were selected to receive payments from this program, which they can spend however they like, according to the city's website.

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The majority of recipients in the program are either black, indigenous, or people of color, at 80.5%. The other recipients, at 19.5%, are either white or non-Hispanic. Additionally, 69% of the program's recipients are women, and 42.5% of all recipients are between the ages of 30 and 39.

Approximately a third of households receiving money from this program have just one person in the household.