Payments of $500 for one year to 250 qualifying Long Beach, California, families will be issued in five days. The city's guaranteed income pilot program, the Long Beach Pledge, will provide aid to families living in the west-central 90813 ZIP code struggling with finances.

Payments to residents who applied at the start of this year and were accepted will be issued on Aug. 16, the third Wednesday of the month, the Fund for Guaranteed Income told the Washington Examiner. Those who were accepted must have a gross household income of 100% or less of the federal poverty level.

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Launched through the Long Beach Recovery Act, the city allocated $2 million to the program in partnership with the Fund for Guaranteed Income, a nonprofit organization that helps with economic recovery. That separate fund also launched a different program in Compton, California, giving 800 families between $300 and $600 in payments.

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This specific area of Long Beach was chosen to receive the funds because it saw the highest need based on poverty rates and the effects of 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.

Applications closed in February, and selected households can receive their payments through PayPal, direct deposit, Venmo, or a prepaid card.