More than 591 million people had been infected with COVID-19 as of August 20, 2022, and nearly 6.4 million had died worldwide.
This has further been exacerbated by an economic crisis caused by the disease's disruption of the global economy, resulting in millions of people losing their jobs, exacerbating global poverty and inequality.
In response to the crisis, governments and central banks worldwide have implemented broad and significant stimulus measures to counteract the disruption caused by the coronavirus and provide relief to those affected by the pandemic. Specifically, the U.S. government enacted the CARES Act, which includes providing qualified individuals with SSI stimulus payments.
To find out how SSI stimulus payment works, how to receive them, and frequently asked questions about SSI stimulus payments, read the following sections below.
How It Works
In response to the economic impact of the COVID-19 pandemic, the CARES Act mandates that most Americans receive stimulus payments based on the adjusted gross income (AGI) reported on their 2019 federal tax returns. In the absence of a 2019 return, the deadline for filing 2019 returns was extended from April 15 to July 15, 2020. Also, the IRS stated that it would also look at 2018 returns to determine eligibility for SSI stimulus payments.
Individual taxpayers with AGI of up to $75,000, and married couples filing jointly with AGI of up to $150,000, would receive total payments — amounting to $1,200 per individual; $2,400 per couple. For every $100 above the $75,000 or $150,000 threshold, the SSI stimulus payment amount decreases by $5.
How Beneficiaries Get SSI Stimulus Payment
The Internal Revenue Service (IRS) and the U.S. Department of the Treasury announced on April 1, 2020, that Social Security recipients would not be required to file a "simple" tax return in order to receive CARES Act stimulus payments.
Instead, SSI recipients, including those receiving disability benefits and Railroad Retirement benefits, will receive a $1,200 Economic Impact Payment (SSI stimulus payment) with no further action required on their part. The IRS was able to distribute stimulus checks to millions of eligible individuals no later than early May 2020.
Eligible taxpayers who filed tax returns in 2019 or 2018 will also receive the payments automatically.
Frequently Asked Questions
Below are some of the most asked questions regarding SSI stimulus payment:
Payments for stimulus checks started to roll out last March 2020. Most people receive their payment checks via electronic bank deposit, which is currently the fastest method. Generally speaking, if you got your first, second, and third stimulus checks via electronic bank deposit, you'd also receive the fourth one that way.
A 4th stimulus is on the way to help ease the skyrocketing prices of gas, groceries, and utilities due to record-high inflation rates. However, unlike the previous three stimulus checks that came from the federal government, the fourth stimulus check is now being given out at the state and city levels. Given this, only specific groups of people are eligible for the 4th stimulus check, and the eligibility requirements are also different for each state. Nevertheless, basic eligibility requirements include the following:
-An income level below $75,000 annually
-Loss of employment or income due to pandemic-related reasons
-Filed for Earned Income Tax Credit on their 2019 taxes
Maximum Federal Supplemental Security Income (SSI) payment amounts increase in line with cost-of-living adjustments for Social Security benefits. The latest such increase is 8.7%, which becomes effective January 2023. This is equivalent to more than a $140 per month average increase in Social Security benefits.
For 2023, the maximum monthly SSI Federal amounts are $914 for an eligible individual, $1,371 for an eligible individual with an eligible spouse, and $458 for an essential person.
Payments for the stimulus check already started going out last April 7, 2021, via direct deposit or through Direct Express cards. For recipients who opted to receive their stimulus check by mail, distribution began on April 9, 2021.
It is not too late to receive any missed stimulus check payments. If you did not receive your first, second, or third stimulus payments, you can still claim them as a tax credit and receive the money as part of your tax refund. The stimulus payments are in the form of a federal tax credit known as the Recovery Rebate Credit.
To receive the first and second stimulus checks, you must file a 2020 tax return and a 2021 tax return to receive a third stimulus check.
Many Social Security recipients, as well as most SSI recipients, SSDI recipients, and retired railroad workers, will be eligible for an SSI stimulus payment. These stimulus payments can be used to help alleviate the effects of inflation, as well as the economic distress caused by the COVID-19 pandemic.
If you are wondering whether you can collect short-term disability and Social Security at the same time, read this article by Disability Help to learn more.