Guaranteed income plans have gained prominence since the covid-19 pandemic . Several states and local governments have come up with similar programs targeting specific groups over the past couple of years.
Last year, the city of San Francisco also introduced a guaranteed income program for eligible transgender residents. The program offers guaranteed stimulus checks to transgender residents for 18 months, and the first check under the program goes out this month.
Get The Full Ray Dalio Series in PDF
Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues
q4 2022 hedge fund letters, conferences and more Gates Capital Management Reduces Risk After Rare Down Year [Exclusive]
Gates Capital Management's ECF Value Funds have a fantastic track record. The funds (full-name Excess Cash Flow Value Funds), which invest in an event-driven equity and credit strategy, have produced a 12.6% annualised return over the past 26 years. The funds added 7.7% overall in the second half of 2022, outperforming the 3.4% return for read more
GIFT Program: What Is It?
In November, Mayor London Breed announced the Guaranteed Income for Trans People Program, popularly called the GIFT program. The program offers guaranteed stimulus checks to transgender residents of $1200 per month for up to 18 months.
“Guaranteed Income for Transgender People (G.I.F.T.) will provide economically marginalized transgender people with unrestricted, monthly guaranteed income as a way to combat poverty our most impacted community members face,” the program's website says.
Since it is a pilot program, in its current form, the program will provide a guaranteed income to 55 applicants. Along with the guaranteed stimulus checks to transgender residents, the program also offers a range of other services to recipients, including gender-affirming medical and mental health care, financial advice and case management.
The authorities started accepting applications for the program from November 15 through December 15, 2022. Selected applicants will get $1,200 for up to 18 months, starting in January 2023 and ending in June 2024.
To qualify for the guaranteed stimulus checks to transgender residents, applicants need to be 18 or over, live in the city and county of San Francisco, must not be receiving over $600 per month in income, and must complete a survey every three months during the program.
The mayor's office, as well as Lyon-Martin Community Health Services and The Transgender District are responsible for managing the program.
Guaranteed Stimulus Checks To Transgender: Points To Know
Recipients will get the money via a new debit Visa card . The same card will be reloaded with $1,200 every month (until June 2024). In case any recipient loses their card, they need to immediately contact a Lyon-Martin Representative to get a replacement.
To continue getting the money, recipients must continue to meet the program's eligibility criteria, including completing a survey every three months during the term of the GIFT program. Recipients won't need to report their spending of the GIFT money, rather they just need to participate in the survey, which will help to improve the program further.
Also, since the program is funded by the city and county of San Francisco, the recipients must be residents of the City and County of San Francisco.
As of now, GIFT is a pilot program, and whether or not it will continue depends on the funding availability. If the funding for the program is extended beyond June 2024, then the authorities are expected to start accepting applications for the next round in 2024.