The exact date of the $500 monthly payments with no strings attached is confirmed – learn how to get a two-year bonus from a $42M pot

THOUSANDS of cash-strapped Americans will receive a $500 payment this month.

Officials in Cook County, Illinois have introduced a $42 million guaranteed income program and residents can spend the money however they like.

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According to this, more than 3,000 residents will start receiving the first monthly payment of $500 starting December 15 WTTW.

And the guaranteed income earns Americans a check for a total of 24 months.

Cook County Chief Executive Toni Preckwinkle claimed the program is the “biggest” program in the country.

Officials revealed that more than 180,000 residents applied for the monthly payments, but only 3,250 people were randomly selected.

Bodyguard Clarence Shaffer, who is caring for his 87-year-old mother, told WTTW the money was a relief.

He said: “This program could take away a lot of the worry and stress for me as it allows me to keep some of the things I would need to think about changing.

“You can assign it to do the same thing every month or change it up to whatever you want to do, the fact is you know you’re getting that. It’s $12,000 over two years, so it’s a big deal.”

And Christopher Santiago welcomed the fact that there are no strings attached.

He said: “So the direct cash gives me freedom because if I have a flat tire or something like that I don’t have to worry it’s a reasonable expense or even have to keep track of you know those costs, I can just take care of whatever needs to be done and you know you can move on from there.

The monthly checks are mailed to adults whose income is at or below 250 percent of the federal poverty line.

For a single person, the threshold is $33,975 per year.

Guaranteed income schemes have been rolled out across the country as city officials look for ways to help struggling citizens amid inflation and the cost of living crisis.

More than 170 people in Alexandria, Virginia will pocket $500 in monthly payments for two years starting in January.

Funds are awarded to struggling residents as part of the city DEVELOP Program.

So said Canek Aguirre, Councilor of the City of Alexandria 7News: “As the saying goes, ARISE, we try to lift people up.”

Officials announced that a total of about 4,000 applications were submitted.

And 3,000 cash-strapped Americans in Madison, Wisconsin, applied to receive $500 monthly payments for 12 months.

However, only 155 people were randomly selected from the pool of candidates.