Michigan launches a $528 monthly stimulus in the Guaranteed Income Program for Low-Income Entrepreneurs in the next payment in 21 Days
$528 monthly stimulus in the Guaranteed Income Program for Low-Income Entrepreneurs (Photo from Medium)
Boost for Ann Arbor Entrepreneurs: $528 Monthly Stimulus in the Guaranteed Income Program
Low-income Ann Arbor small business owners who apply for Monthly Stimulus in the Guaranteed Income Program to Grow Ann Arbor will receive $528 Monthly Stimulus Payments. The University of Michigan’s Poverty Solutions team leads the two-year guaranteed income pilot program financed by $1.6 million from the federal American Rescue Plan Act.
Starting in January, payments will be made on the 15th of each month, with the next installment on February 15. Poverty Solutions associate director Kristin Seefeldt acknowledged that distribution time changes for weekends and holidays.
A pool of 100 financially needy small business owners and entrepreneurs was randomly selected. The initiative, which honored community contributions facing financial hardships, closed applications, but applicants had to meet certain requirements. Must be 18 years old, live in Ann Arbor, and earn below 225% of the federal poverty threshold. SNAP and Pell Grant recipients were likely to qualify.
READ ALSO: Tax Season Deadline: Tips And Important Deadlines For 2024
Monthly Stimulus in the Guaranteed Income Program Unleashes Flexibility for Michigan Small Business Owners
Entrepreneurs, small business owners (formal or informal), independent contractors, providers of compensated informal services, and gig workers from many industries were eligible for the Monthly Stimulus in the Guaranteed Income Program funding. The guaranteed income model is more flexible than food stamps, Kristin Seefeldt said. The money might be used for bills, savings, or birthday gifts. The goal is to respect people and validate their choices.
Seefeldt stated in October 2023 that the initiative celebrates community members who suffer financially but give greatly. The Monthly Stimulus in the Guaranteed Income Program experiment gives participants the freedom to use the cash as they see fit, she said.
Michigan pioneered this creative technique to support local companies and the Monthly Stimulus in the Guaranteed Income Program helps people in financial need, indicating a dedication to diversity and community well-being.
READ ALSO: Which States Are Offering Child Tax Credits In 2024? Find Out Here
