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Former 2020 Democratic presidential hopeful Andrew Yang announced Friday that his new nonprofit will distribute at least $1 million in $1,000 cash payments to 1,000 working households in New York amid the economic fallout from the coronavirus outbreak.

Yang, a CNN contributor, on Friday said his nonprofit, Humanity Forward, would give the funds to 1,000 low-income households in the Bronx.

YANG RESPONDS TO WHITE HOUSE GOAL OF SENDING CASH TO AMERICANS AMID CORONAVIRUS OUTBREAK

“Given the nature of this crisis, we thought it was imperative to act now and get money into people’s hands, and also demonstrate that this is exactly what our government should be doing,” Yang told NBC News.

Yang, since suspending his 2020 presidential campaign, has been rumored to be considering a run for New York City mayor.

Yang said the funds would be distributed as a one-time payment and would be released within the next two weeks. According to NBC News, the funds will go to clients of Neighborhood Trust Financial Partners, another financial empowerment nonprofit organization.

Yang reportedly said his coronavirus relief efforts will also include $100,000 in smaller grants of $250 and $500 to individuals who ask for emergency funds on social media platforms like Twitter, Facebook and Instagram.

During his presidential campaign, Yang was best known for promoting a Universal Basic Income (UBI), which would guarantee $1,000 per month for every American adult from the federal government.

Yang’s latest move is in line with the proposal rolled out by Senate Republicans on Thursday, which would provide as much as $1,200 per person and $2,400 per couple in response to the crisis.

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Yang told NBC News Friday that the Senate GOP’s legislation would be “instrumental” and “vital” for Americans.

Earlier this week, upon Treasury Secretary Steven Mnuchin’s announcement that the president was looking to send checks to Americans within the next several weeks, Yang said he was “pleased to see the White House adopt our vision of putting money directly into the hands of hard-working Americans.”

Fox News' Gregg Re and Joseph Wulfsohn contributed to this report.