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Special COVID-19 Payments and Frequently Asked QuestionsWednesday, March 17, 2021
WHAT IS THE SPECIAL PAYMENT I AM RECEIVING?
The federal government approved special payments to spend any way you want to help the country during the COVID-19 pandemic. However, the payment MUST be spent or put into an ABLE savings account within 12 months or it will count as an asset and could reduce your benefits.
People who receive disability payments from Social Security (SSI) will get their payment the same way they get regular SSI payments each month, either by paper check or direct deposit. Many people have already received these payments.
Beware of scams! The IRS will not call or email you. Protect your money by not sharing your personal information on the phone or over email.
WHY SHOULD I PUT THIS PAYMENT INTO AN ABLE ACCOUNT?
The payments are a chance to start saving for things not covered by benefits, including education, adaptive vehicles and transportation, employment training and support, assistive technology, personal support services and other expenses that help you to live in the community. Starting an ABLE account is the first step to saving for a rainy day or saving up for what you want.
WILL ABLE ACCOUNT SAVINGS DISQUALIFY ME FROM BENEFITS I NEED?
No. ABLE accounts are different from other savings accounts because ABLE can fund disability-related expenses, and the assets in the ABLE account are not counted to determine your eligibility for Social Security benefits. Remember, if you keep the payment for more than 12 months, it may impact your eligibility for government benefits. Contributing the funds to an ABLE account within 12 months gives you the flexibility to save the funds or spend them beyond the 12-month period.
View the whole Special COVID Payments document at https://idaction.org/news/special-covid-payments/.