The dual pandemic (racial discrimination and COVID-19) has contributed to mental health disparities across various social identities. Black mothers, in particular, have shouldered the heightened stresses of being Black and female during a time of immense anti-Black racism and societal pressures to assume caretaking roles at the expense of, or in addition to, other financial obligations. Thus, this study examines the relationship between COVID-19 related financial difficulties, racial discrimination, and the protective role of stable income on Black mothers’ (N = 949) mental wellbeing (i.e., anxiety, depression, loneliness, and stress). Using regression analyses, we find that financial difficulties and experiences of racial discrimination along with related concerns for children are associated with higher rates of anxiety, depression, loneliness, and stress. Moderation analyses suggest that at the highest level of financial difficulties, stable income can serve as a protective factor for anxiety. However, the study found no significant interactions between financial difficulties and experiences of racial discrimination or related concern for children. Implications for short-and long-term social policies are discussed.