CFPB Economic Impact Payment guide

CFPB Economic Impact Payment guide.

Good morning,  Your clients, or those you serve might wonder whether receiving an Economic Impact Payment will affect other benefits. The short answer is: no. Because the Economic Impact Payment is a tax credit, it shouldn’t be counted as income and shouldn’t affect the beneficiary’s eligibility for income-tested benefits. As long as the payment is spent down within 12 months of the date it was received, it also won’t count against resource limits for Medicaid, Medicare Savings Programs, SSI, SNAP, or Public Housing benefits. Reminder There are millions of people who are eligible to receive their Economic Impact Payment under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, who haven’t claimed it yet. These individuals have until October 15, 2020 to claim their stimulus payment this year. To learn more, download our guide: Helping Consumers Claim the Economic Impact Payment: A guide for intermediary organizations Thank you, Office of Community Affairs Consumer Financial Protection Bureau