Chicago residents can apply for $500 per month guaranteed income

Chicago residents can apply for $500 per month guaranteed income

Residents in Cook County, Illinois, including the city of Chicago, can apply for a guaranteed income program that will pay $500 per month for two years.

Participants in the Cook County Promise Guaranteed Income Pilot Program must meet certain thresholds to be eligible. They must be adult residents of the county and have a household income of or below 250% of the federal poverty level or make less than $69,375 for a house of four, according to Fox Chicago.

Toni Preckwinkle, president of the County Board of Commissioners, said in a video advertising that the program was the most helpful thing we can do when people are struggling to make ends meet. Decades of research shows that participants use the cash benefits wisely. Nearly 36% of county residents are eligible to apply but only 3,250 will receive cash benefits.

Applicants will not be required to provide information to verify their citizenship or immigration status.

Participants must not be in other guaranteed income programs for the 24 month duration of the Cook County pilot.

The pilot will be funded by American Rescue Plan Act dollars, part of the county's $1 billion investment to build a sustainable, affordable and equitable future for residents, the news outlet said.

The application period will be open through Oct. 21.