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The co-founder of Twitter and current CEO of Square Inc., Jack Dorsey, has made a bold effort to fight poverty by committing a generous $1 million to launch the St. Louis Guaranteed Basic Income (STL GBI) Pilot Program. The plan, which the city of St. Louis just launched, would give participants a $500 monthly stipend for 18 months, and is expected to have a substantial influence on their lives.
The Board Bill Number 116 (BB116), a ground-breaking piece of legislation proposed by Alderwoman Shameem Clark Hubbard, was signed by St. Louis Mayor Tishaura Jones in December of the preceding year, which is when the STL GBI Pilot Program first began. The first-ever guaranteed basic income program in Missouri was made possible thanks to this measure.
Thanks to Jack Dorsey’s generous donation, the program’s reach has now been increased from its original target audience of 440 households. The city declared:
“Jack Dorsey’s #startsmall philanthropic initiative, with operational support from Deaconess Foundation, is contributing $1 million to add an additional 100 participants to the program for a total of 540 participants.”
In order to be eligible for this financial aid, candidates must fulfill certain requirements. In order to qualify, a person must be a resident of St. Louis, have a child or dependent under the age of 18 enrolled in a public school, maintain a combined household income below 170% of the federal poverty level, and exhibit financial hardships resulting from the Covid-19 pandemic, such as a loss of employment or an increase in childcare costs.
Several cities across the United States have independently embarked on pilot programs aimed at providing basic income to their residents. Mayor Jones remarked, “St. Louis is joining more than 30 municipalities across the country in trying this new, exciting way to financially empower families and lift them out of poverty.” She expressed her delight at having the support of St. Louis native Jack Dorsey in extending a helping hand to more families striving to make ends meet.
Participants are chosen through a lottery system after submitting their applications, and they are then asked to provide financial information and confirmation of their city of St. Louis domicile. Participants will start receiving $500 payments each month after being chosen and will do so for 18 months.
Jack Dorsey’s outstanding act of generosity highlights the rising need for cutting-edge social initiatives that may help those in need and build a more just society. The dedication of St. Louis to this project is an example of a larger trend in American cities to look for innovative ways to improve community wellbeing.