A major US city is preparing to launch a multi-million dollar basic income pilot.
The city of St Louis, Missouri will hand out $4.86 million to people who are struggling to overcome financial hardships.
The signup process is open from October 23rd through November 1st.
The money will be handed out to 540 participants who have a child or dependent under the age of 18 who’s enrolled in a public school.
Combined household income must be less than 170% of the federal poverty level, and participants must have experienced negative financial impact in recent years, such as loss of work and increased childcare costs.
Most of the funding will come from the American Rescue Plan Act (ARPA), with an additional $1 million coming from Jack Dorsey’s Deaconess Foundation.
St. Louis is joining dozens of cities across the US as lawmakers look to judge just how effective free money can be for people struggling to make ends meet.
The application process ends today in Ann Arbor, Michican, which is giving $1.2 million to aspiring entrepreneurs, self-employed people, small businesses owners, gig workers and people with side hustles.
And in Fairfax county, Virginia, signups just closed in a pilot that will disperse a total of $2 million to 180 families living below the poverty line.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post $4,860,000 To Be Given Away As US City Becomes Latest Basic Income Testing Ground appeared first on The Daily Hodl.