Whenever Social safety treats loans as income or resources for SSI eligibility purposes.
By Melissa Linebaugh, Adding Writer
In the event that you borrow funds, or if you loan money to another person, what sort of SSI program determines your assets and income could be affected and that can influence your eligibility for SSI. (SSI is short for Supplemental Security money, a federal advantage available to low-income and low-asset people that are senior or meet with the Social protection Administration’s (SSA) concept of disabled. ) You can have only $2,000 in assets and still qualify for SSI if you are single. The amount of earnings you could make but still get SSI frequently changes from 12 months to 12 months and state to convey.
How a SSA Treats Loans
When it comes to SSA to deal with cash you get as that loan in place of as earnings, the money will need to have been provided to you under that loan contract as well as the loan needs to be bona fide. Continue reading “When a Loan Counts as a secured asset or money for SSI impairment”