It is this week that you can apply for $500 monthly direct payments from a $1.2 million pot - do you qualify?

The 12-month pilot program with guaranteed income is now open to thousands of Americans, but the deadline is rapidly approaching.

Mount Vernon, New York, will send $500 monthly payments for a year to 200 residents through Mayors for a Guaranteed Income.

Level Up will send cash to Mount Vernon residents while simultaneously studying the effects of the extra income.

A household must earn at least $15,000 per year to qualify.

The income cap varies by household size, but families must earn less than 80% of the county's average income.

Residents who meet the eligibility requirements can apply online until August 5 at 11.59 p.m.

The city will also have physical locations where residents can apply.

Pilot programs for universal basic income will be selected at random from 200 eligible applicants after the window closes.

It is expected that the city will notify residents by the end of August, but it can change at any time.

A survey about the households' overall health and well-being will also be administered to those selected for the program.

“We are committed to building a dignity economy for the residents of Mount Vernon,” said Mayor Shawyn Patterson Howard.

It is my pleasure to join a coalition of innovative and forward-thinking mayors who are

Not afraid to push for critical resources for their communities. There will be no strings 

Attached to the payments, and participants are free to spend the money however they choose.

It is not necessary to have a bank account to apply since participants will be paid through pre-loaded debit cards.

According to the Rockland Westchester Journal News, the program will cost $1.2 million.

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