Q&A: Good news about your coronavirus stimulus money: It doesn’t count as income or an asset

Dear Liz: I have a question about a recent answer you gave. The question was whether stimulus payments count as income for people who get Medicaid or Supplemental Security Income. Your — correct — answer was that they don’t, of course, but you seemed to gloss over the fact that even though this payment was not “income,” it would still count as an asset in the recipient’s bank account. The recipient’s assets are limited to $2,000 by the Medicaid program.

Answer: The relief payments do not count as income or as an asset. The money is excluded from the recipient’s resources for 12 months.

Tuesday’s need-to-know money news

Today’s top story: Side hustle much? You might have the wrong credit card. Also in the news: Make a financial recovery kit to rally faster after disaster, 7 finance tips for 2020 grads entering an economy with few jobs, and that debit card your were mailed is actually your coronavirus relief payment.

Side hustle much? You might have the wrong credit card.
You could qualify for a business credit card.

Make a Financial Recovery Kit to Rally Faster After Disaster
Use your free time wisely.

7 finance tips for 2020 grads entering an economy with few jobs
Finding the help you need.

That Debit Card You Were Mailed Is Actually Your Coronavirus Relief Payment
Don’t throw it out.