Los Angeles’ guaranteed income program will pay 1,000 people $1,000 a month for three years

MARKET WATCH:

The city of Los Angeles is starting a program that gives some residents $1,000 a month of guaranteed income for three years.

The initiative, started by LA County, is called “Breathe: LA County’s Guaranteed Income Program,” and the application window is now open. Here’s what to know about this guaranteed income program:

What do you get?

The program will provide $1,000 to some Los Angeles residents every month for three calendar years. The money will be available through a debit card provided by the County of Los Angeles — you do not need to have a bank account to participate.

It’s unclear if unused money would carry over month to month; the program didn’t specifically mention this, and program representatives didn’t immediately respond to MarketWatch’s request for clarification.

Who is eligible?

There are five prerequisites needed to participate in this program. They are:

  • You are at least 18 years old
  • You live in an LA County neighborhood where the median household income is not higher than the county’s — you can check if you are here
  • You make less than $56,000 as a single individual and $96,000 for a family of four. Other configurations of total people in the household can be found here
  • You have been “negatively financially impacted by the COVID-19 pandemic
  • You are not enrolled in any other type of a Guaranteed Income Program

One thousand applicants will be randomly selected from the pool of entrants to receive the monthly payments.

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