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Impact of Unemployment Insurance & Stimulus Checks on Public Benefits
Please read these helpful flyers, flyer 1, flyer 2, flyer 3, and flyer 4, regarding the impact of unemployment insurance (UI) and stimulus check on means-tested public benefits. If you receive SSI, SSDI, Medicaid, Medicaid Waiver, Medicare, Housing Grants, and/or other public benefits, it is important to understand how receiving new sources of income during the outbreak of COVID-19 can impact those benefits. If you have additional questions, please contact Marilyn Morrison at 703-989-7960, or firstname.lastname@example.org. Ms. Morrison recently recorded a webinar speaking about the impact of unemployment insurance on public benefits. Please watch the webinar recording on YouTube here and read the PowerPoint slides here.
Important Disclaimer: please note that the information provided in Ms. Morrison’s presentation is rapidly changing, so information may need to be updated as we receive instructions from various resources.
Economic Impact Payment/Stimulus Check
Here is what you need to know about your Economic Impact Payment (aka Stimulus Check). For most taxpayers, payments are automatic, and no further action is needed. This includes taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees. Please check out the IRS website: https://www.irs.gov/coronavirus/economic-impact-payment-information-center
Additionally, the IRS launched a helpful online tool to assist non-filers to receive economic impact payments: https://home.treasury.gov/news/press-releases/sm971
If you receive means-tested government benefits, such as SSI and/or Medicaid, you have 12 months to spend the money received from the stimulus check. After 12 months, the funds will be counted as a resource to you. If you wish to save the money from the stimulus check for the future and not use it within 12 months, the stimulus check can be deposited into a Self-Funded Special Needs Trust or an ABLE account and not jeopardize your benefits.
COVID-19 and Investments
We understand many people have concerns about the global outbreak of COVID-19 and its impact on the market and investments. Key Bank has kindly prepared some information flyers to help you better understand the situation. Please download those flyers below.
It is clear that the COVID-19 outbreak has caused global growth to suffer and for worldwide equity markets to fall dramatically in recent days. Please watch recorded presentations with Key Bank investment experts as they review the economic and market impacts of the coronavirus and their current investment approach.
Recording 1: March 2, 2020
Recording 2: March 17, 2020
Recording 3: March 31, 2020
Recording 4: April 7, 2020