As this Corona Virus continues to wreak havoc on human life and the economy, there is a change of pace and hope needed in the form of a $1200 stimulus check. On March 27, 2020, the president signed the $2 trillion Corona Virus bill into law in response to the COVID-19 pandemic.
Honestly, it probably won't go that far in an already budget stressed American household, but it is welcomed help that we all need. This funding will be making its way into your bank account in April via direct deposit, or through the mail.
What if I'm on SSI? You are eligible to receive the payment, which acts like a rebate.You don't have to repay this.
These monies act as tax credits not income. It operates as a rebate and will not interfere with your receiving SSI, TANF, SNAP, Medicaid, or ACA credits. If you are receiving assistance with housing or other federally related income programs you are able to receive the funds. You do not have to pay this money back either.
SSI recipients do not have to file income taxes, and receive SSA-1099 benefit statements. However, under the present circumstances you may have to take some additional steps, yet to be determined by the IRS, like filing some type of short return in order to receive your rebate monies. The IRS did this same thing in 2008 with rebate funds. If you are on SSI, you will receive your stimulus payment in the same way you're receiving your regular SSI payments. Those who are on disability are also going to receive a check or direct deposit as well.
This blog is intended for information purposes only and does not establish legal representation or financial guidance.