The CEO of Twitter and Square, Jack Dorsey, had released his $5M promise to Andrew Yang’s Universal Basic Income (UBI) project for Americans. Dorsey previously announced the donation last May 21.
Andrew Yang, a crypto enthusiast and a former presidential candidate had established the UBI initiative to help Americans who had been financially hit by the COVID-19 pandemic. Notably, many people who lost their jobs are now on the edge of being destitute, and they need help.
Last May 21, Dorsey joined Yang’s podcast, wherein he stressed that Yang’s project was long overdue. Notably, he believes that the policy can only be modified once they have shown proof and case studies of why the project should be pursued and implemented. Dorsey also emphasized the role of technology in achieving the desired goal.
In an interview with Rolling Stone, Yang said that Humanity Forward, the leading organization that backs UBI, would use the $5 million donations to help people dealing with the financial crisis today. Notably, each individual who would qualify would receive $250 cash assistance.
However, as noted by industry analysts, Yang’s UBI project mirrors the federal government’s one-time stimulus payment worth $1,200. This move notably aims to support businesses and individuals who had been profoundly affected by global shutdowns.
The federal government had distributed the cash via bank accounts and physical checks back in April. Over 4 million recipients are still waiting for financial assistance. They can withdraw via prepaid debit cards to be sent through the mail. However, the distribution method received its fair share of criticisms, as some beneficiaries have reported encountering difficulties in terms of confirming their grant status on the IRS website. Some even complained failure of receiving their physical checks.
Before he collaborated with Dorsey, Yang and Humanity Forward had already distributed around $2 million, with most recipients being the victim of pandemic-related problems.