An unprecedent third wave of economic impact payments passed the Senate and the House in early March, and President Biden signed the third round into law on March 11. Most people should start receiving $1,400 payments by the end of the month.
As with the previous two rounds of stimulus payments, any individual receiving Social Security Disability Insurance or Supplemental Security Income benefits who is not claimed as a dependent by someone else, and who meets the income threshold of $75,000 will receive the full $1,400 payment, meaning most SSDI and SSI will be eligible for this round of stimulus.
Most individuals receiving SSDI or SSI know that the programs can have tough, and often complicated requirements for reporting income. While SSDI generally has looser rules and receiving income from things like inheritance or legal settlements does not impact eligibility, SSI benefits are often reduced if an individual receives money from any source.
The good news, though, is that as with the previous stimulus benefits, Social Security will not recognize this $1,400 payment as income for SSI recipients, meaning that it will not result in any reduction of benefits.
The even better news is that this third round of stimulus payments is not subject to garnishment by the federal government, and if it’s even protected from private debt collectors. However, banks may take a portion of your stimulus payment if you’ve accrued a negative balance and overdraft fees, though even some banks have stated that they are temporarily waiving these fees.
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