Hi there,
My husband is on disability for the last 4 years. He is a land surveyor for a land surveying business I own. He does not get paid but is trying to relearn his business . I took over so he would not lose his company so i am the one that makes the money now while he is trying to relearn. He also had student loans that were his kids but somehow were in his name. When he had a stroke he was put on disability and his student loans went away. My question is can he take out a loan for some equipment we need for the business? The business will be paying for the equipment but it has to go in the presiding Surveyor because he holds the license. It would be an in house loan from the company. But I know they will pull his credit. Will this affect student loans and make them come back and/or affect his Disability ?

Thank you

Toni

Hi Toni. My expertise is limited to Social Security benefits, so I can't answer any questions about student loans. As for your husband's Social Security disability (SSDI) benefits, those benefits could be suspended or terminated if he works and earns too much. Basically, a person on SSDI can work and earn any amount for 9 months, after which their benefits can be suspended or terminated if they earn more than what Social Security defines as substantial gainful activity (SGA). The current monthly SGA amount for non-blind individuals is $1350, but that will rise to $1470 in 2023.

It can get dicey when a person on SSDI is involved in a family business, because there's always a question of whether or not the person is being paid a fair amount for the services that they perform for the business. Taking out a loan wouldn't normally have any impact on someone's SSDI benefits, but it could lead Social Security to believe that your husband has resumed performing work activity. And, if he does, Social Security would look past what he's paid and make their determination based on what they feel is the fair value of the services he performs for the business.

Best, Jerry