Last year, the city of Long Beach in California launched a guaranteed income pilot program for families struggling with finances, and payments for accepted applicants will now be issued in two days.

The Long Beach Pledge, created through the Long Beach Recovery Act, will give 250 families with children living in the west-central 90813 ZIP code $500 a month for 12 months. 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 stopped taking applicants shortly after the start of this year, and families must have been below 100% of the federal poverty line and have one income earner for their household.

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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The nonprofit Fund for Guaranteed Income, the program's partner that also helps with economic recovery, created a separate fund in Compton, California, giving 800 families between $300 and $600 in payments.

Households that were selected to receive assistance will choose their method of payout, either through PayPal, direct deposit, Venmo, or a prepaid card.