One of the largest guaranteed income programs in the US is preparing to hand out more cash.
The Denver Basic Income Project (DBIP) is extending its $1.8 million pilot program for another six months to give as much as $1,000 to 660 participants selected for the expansion, reports the Colorado Newsline.
The program initially picked 800 beneficiaries and separated them into three cohorts.
The first group is collecting $1,000 per month for a year. The second group received a one-time payment of $6,500 and then $500 for 11 months. The final group, tagged as the control group, is receiving a flat $50 per month for a year.
With the program expansion, control group participants are set to receive an additional $100 for six months while members of the two other groups will get an extra $1,000 per month for half a year.
Funding for the six-month extension will come from the Denver City Council.
The DBIP is supplementing its program after an interim study revealed that participants reported that their lives changed after receiving financial assistance for six months.
According to the study, all three payment groups reported significant improvement in different life areas including housing, financial well-being, sense of safety and overall mental health.
Says Mark Donovan, DBIP founder and executive director,
“Many reported that they have used the money to pay off debt, repair their car, secure housing and enroll in a course. These are all paths that could eventually lead participants out of poverty and allow them to be less dependent on social support programs.”
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