A new stimulus payment program will shortly start giving monthly stimulus payments to a select group of Fresno, California residents. Qualified residents will earn a total of $6,000. The purpose of stimulus payments is to provide immediate financial help to those that are in need of it.
Additionally, during times of low spending, the payments are meant to encourage economic spending in the economy.
The cost of living in California is now the second highest
California is well known for having a high cost of living. California ranks among the top three states in terms of cost of living, ranking behind Hawaii and Washington, D.C., according to data gathered by Stacker.
The cost of housing and rent are among the biggest issues Californians must deal with. Approximately 50% of renters and 40% of homeowners spend more than 30% of their income on housing.
As a result, many families are left with very little money to pay for other living expenditures, and frequently none at all. In order to assist citizens in keeping up with the rising cost of living, the state has implemented a new stimulus payment scheme.
A significant addition is advancing Fresno County Guaranteed Income
The new initiative is called the Advancing Fresno County Guaranteed Income, and it will provide stimulus payments. Fresno residents are the intended beneficiaries of this program. Monthly payments of $500 are scheduled to be made to eligible beneficiaries.
The money will be given to 150 Fresno families for a year. The initiative was started in July of this year. The Fresno Economic Opportunities Commission (Fresno EOC) is the organization that started the initiative.
Read Also:Â Sacramento Launches $725 Stimulus Check Pilot Program for Economic Relief, Check Your Eligibility
Fresno County is home to 999,101 people, according to Fresno EOC data. Twenty-six percent of the population is impoverished. The rates in California (11.8%) and the US (12.3%) are more than 1.5 times higher than this.
The goal of the Advancing Fresno County Guaranteed Income program is to assist local low-income families. After COVID-19, Fresno saw one of the largest rises in rental prices in the nation, with prices rising by almost 30%.
