Guaranteed income programs has gained popularity since the coronavirus pandemic. Several states and counties are experimenting with similar programs to help residents offset the economic consequences of the COVID-19 pandemic. New Orleans is the latest city to pilot such a program that offers stimulus checks to young people in New Orleans. Under the program, eligible youth will receive a $ 350 monthly stimulus check.
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Stimulus check for young people in New Orleans
Earlier this month, the Mayor’s Office for Youth and Families revealed the details of the program. This program was originally announced in November 2021. The first payments under the program have already gone out to some of the selected recipients.
The primary purpose of providing stimulus checks to young people in New Orleans is to increase the financial stability of recipients, connect them to work and school programs, and in turn reduce stress and other economic uncertainties.
“We launched this program as an opportunity to get much-needed, unlimited cash in people’s pockets at a time when we know our people need it most,” noted Mayor LaToya Cantrell.
During the program, 125 young people between the ages of 16-24 are selected. These people should neither work nor go to school. This program is funded through a $ 500,000 grant from Mayors for a Guaranteed Income (MGI), a private group backed by Twitter co-founder Jack Dorsey.
Eligible recipients will receive the money via a prepaid bank card, which will be provided by Mobility Capital Finance (MoCaFi). These prepaid cards will also serve as access cards to the city’s recreational centers, as well as at public transportation and public libraries.
Guaranteed Income Programs: How Do They Help?
According to the mayor’s office, they are working with several organizations to recruit young people to the program, including the New Orleans Youth Alliance, Youth Empowerment Project, Educators for Quality Alternatives, Collegiate Academies, Louisiana Center for Children’s Rights, New Orleans Public Schools and the United Way of Southeast Louisiana.
In addition, to ensure the effectiveness of guaranteed income program
“As one of the first MGI pilot cities to focus its cash payments on young people, New Orleans is helping to expand the guaranteed income opportunities for young people across the country,” said Sukhi Samra, CEO of Mayors for a Guaranteed Income .
The guaranteed income program from New Orleans follows a similar non-committal program aimed at low income farmers in Shreveport. The Shreveport Guaranteed Income pilot program, which launched earlier this year, provides a monthly payment of $ 660 to 110 households for a year.
The first results of the guaranteed income programs from other cities show that such programs help to improve the financial stability, health and general well-being of the beneficiaries.