As more Missourians have taken on gig work to make ends meet, it’s become harder for the state to determine people’s eligibility for programs such as SNAP, TANF and Medicaid.
That’s because this work is not accounted for in a standard W-2. Instead this “self-employment” income comes from various sources and is deposited through different payment methods, such as Venmo, Cash App and PayPal.
Melissa Wolf, the deputy director of the Family Support Division within the Missouri Department of Social Services, said, in the past, employees would have to sit with clients and sort through screenshots and print outs to come up with an accurate picture of people’s incomes.
“We knew this was a struggle on how to verify that income, but we weren’t sure how to solve it,” Wolf said. “And Steady came to us and just said, ‘Hey, we think we might have something that would help.’”
SteadyIQ is a technology platform that aggregates a user’s financial data, given permission, and quickly comes up with an income verification report. This report can be used to determine a resident’s benefits eligibility.
The Fintech startup and app was founded by former investment banker Adam Roseman in 2017 and has since brought former NBA star Shaquille O’Neal in as investor. O’Neal joined officials in Jefferson City for the rollout of the app Friday.
“Steady brings back a more structured income piece,” Wolf said. “So, a nice little Word document or PDF that adds it all together gives a full, complete, accurate picture of that monthly income, and so, it’s easier on both sides and it’s more accurate and efficient.”
A pilot program of SteadyIQ in Missouri in 2023 found that by using the technology, the Department of Social Services was able to come to a determination on cases four days sooner, and there was a nearly 25% reduction in rejections on cases due to not having the correct information.
The use of SteadyIQ is opt in for those applying for Missouri state benefits.
