City to spend $350 monthly payments for ten months from NEXT YEAR – Community News
Stimulus Check

City to spend $350 monthly payments for ten months from NEXT YEAR

IT is unclear whether Americans will receive another federal incentive check, but many city and state governments give their own payments to residents.

This is the case in New Orleans, Louisiana, where some teens and young adults will pay $350 monthly for ten months as part of the state’s financial literacy program.

New Orleans beneficiaries receive a total of $3,500

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New Orleans beneficiaries receive a total of $3,500

The new initiative will affect 125 New Orleans residents, who are between the ages of 16 and 24.

The first incentive payment will be made next spring and beneficiaries will receive a total of $3,500.

Since these payments are recurring for 10 months, the aid can be considered a pilot for a universal basic income program.

In an idea supported by entrepreneur and former presidential hopeful Andrew Yang, multiple major cities, including Chicago and Los Angeles, are also offering UBI payments to some of its residents.

In this case, New Orleans wants to tackle the problem of the “bankless” in the city, which applies to adults who do not use financial services such as savings and checking accounts to store money.

Louisiana has the second largest unbanked percentage of the state population at nearly 15%, according to economic advocacy group Prosperity Now.

Read our stimulus checks live blog for the latest updates on Covid-19 aid…

The New Orleans program, in partnership with Mastercard, Mobility Capital Finance (MoCaFi), is specifically aimed at addressing the problem of the racial and wealth gap.

The direct payments will be provided by Mobility Capital Finance via a loaded ATM card.

Together with the age requirement, the money goes to people who are unemployed or out of school.

New Orleans Mayor LaToya Cantrell said: “My administration will continue to find innovative ways to serve and empower our residents and ensure that unbanked people have a bank and access to financial education and other resources. , so that they can meet their basic needs and continue to invest in themselves.”

We explain how families with children under 13 can get a surprising $8,000 incentive payment.

Plus, see how much your family will get for this month’s child tax credit payments.

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