Long Beach, California, residents who were accepted to receive payments from the city's guaranteed income pilot program will see their funds in three days.

The Long Beach Pledge was launched last year through the Long Beach Recovery Act and will provide 250 qualifying families with children $500 a month for 12 months. The fund was designed to help families living in the west-central 90813 ZIP code struggling with finances. Payments will be issued on Aug. 16, the third Wednesday of the month, the Fund for Guaranteed Income told the Washington Examiner.

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The program is in partnership with the Fund for Guaranteed Income, a nonprofit organization that helps with economic recovery. That separate fund launched a different program in Compton, California, giving 800 families between $300 and $600 in payments.

This area of Long Beach was selected to receive assistance because it saw the highest need based on poverty rates and was heavily affected by the COVID-19 pandemic. About half of residents in the area live below 150% of the poverty level, according to Long Beach Pledge's website.

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To qualify, Long Beach residents must have been below 100% of the federal poverty line and have one income earner for their household when they applied.

Applications closed at the start of the year, and selected households can receive their payments through PayPal, direct deposit, Venmo, or a prepaid card.