A PASS Plan is like a grant for the disabled to start a small business, go to school, or work. You do not have to pay it back as long as you follow your Plan. Before you get too excited, you will have to write up a business plan, which you will need to take to SCORE
, or a college to have them review your plan and agree with it's feasibility. Social Security will be giving you the funds so your credit rating does not necessarily disqualify you. The Social Security funds will not come as a lump sum, but as a monthly payment.
With a Social Security PASS Plan, you can get funding to help you start a small business of your own. The PASS Plan funds can be used to:
1) Pay for assistance that you may need in getting your business up and running.
2) Buy inventory
3) Purchase equipment
4) Used as a down-payment for a loan
5) Used in conjunction with other aid you might be eligible for (WIA, VR, VA)
6) Pay for transportation, insurance, etc.
A PASS Plan is like a grant for the disabled. As long as you: (1) put in a quality effort, (2) do what you agree to do in the PASS Plan, (3) spend the money where you said you would, you will not have to pay it back.
Who can take advantage of a PASS Plan?
Anyone who receives SSI, SSDI, or disabled veterans benefits is eligible.
You will have to write a small business plan . We will provide you with a example of a business plan once you are a client. Your plan does have to be something that will eventually be able to show a profit. It has to be something that is within the funding limits of what you are eligible for.
A business plan takes time and planning to make it successful. We want you to have done the preliminary work, we'll show you how the PASS funds give you two to three years to make it successful!
How much assistance am I eligible for?
Your PASS Plan will not help you if you need hundreds of thousands of dollars in assistance.
If married, you might not be eligible. It depends on what kind of income you have now. Do you receive SSDI? If you don't receive SSDI, do you have wage income? The kind and amount of resources you have will also affect whether a PASS Plan is right for you. Your home, household items, and one car are excluded.
I want to know more...
If you need more information before you register, please go to our "Contact Us" page.
Self-Employment is not for everyone. Let Social Security give you the startup funds to give it a try!
It doesn't cost you anything to check it out.