US City Distributes $32M in Bitcoin (BTC) to Residents in Revamped Guaranteed Income Program

• A major US city, Chicago, is set to reboot a multimillion-dollar basic income program, allocating $32 million to aid residents facing financial struggles.
• The program, Chicago Resilient Communities, will provide $500 per month for a year to selected families, funded by the American Rescue Plan Act (ARPA) 2021.
• The initiative was initially launched in 2022 by former Mayor Lori Lightfoot to assist 5,000 low-income households affected by the pandemic.

Chicago is reviving a basic income program, allocating $32 million to aid residents experiencing financial hardship. The initiative is funded by the American Rescue Plan Act (ARPA) 2021.

Chicago Resilient Communities: A Lifeline for Struggling Families

The revived program aims to provide $500 per month for a period of one year to families grappling with financial difficulties. The funding for this initiative will be sourced from the $1.9 billion that the city received from President Biden’s American Rescue Plan Act (ARPA) in 2021. The city of Chicago is breathing new life into the guaranteed income program to distribute the remaining ARPA funds or risk returning it to the federal government next year.

Program History and Future Prospects

Chicago Resilient Communities was initially launched by former Mayor Lori Lightfoot in 2022 to help 5,000 low-income households recover from the economic impact of the pandemic. The Johnson administration has not yet revealed the qualification details for the rebooted program. Participants of the original pilot were Chicago residents at least 18 years old at the time of enrollment, had a family income at or below 250% of the Federal Poverty Line, and faced financial difficulties due to the Covid-19 pandemic. The exact number of families that will receive the $500 monthly payment under the restarted program also remains unknown.

Conclusion

The revival of the Chicago Resilient Communities program demonstrates a proactive approach to addressing financial hardship among residents. As the city awaits further details on the qualification criteria and the number of beneficiaries, the initiative represents a significant step towards economic recovery and resilience in the wake of the pandemic.