Some Cook County residents to receive first $500 guaranteed income checks
CHICAGO (CBS) – The first $500 checks from Cook County's guaranteed income pilot program are on their way to the residents chosen for the program.
Cook County Board President Toni Preckwinkle said Thursday in a news release the checks have been release and will reach the selected residents in the coming days. The county said the $42 million pilot is the largest publicly-funded guaranteed income program in U.S. history.
"This is a proud moment for us at Cook County," said Preckwinkle in a statement. "After months of hard work, participants in our Promise Pilot will now have their cash in hand. Our hope is that this money will serve as a foundation for residents so that they can achieve financial stability, pursue professional development opportunities, and invest in themselves and their children."
The program is funded by the American Rescue Plan Act and will send the $500 monthly checks to 3,250 residents for two years.
Preckwinkle said county leaders have committed to creating a permanent program after the completion of the pilot, which will be supported by a combination of county funds and philanthropic support.
The county received over 230,000 applications for participating in the program.