Social Security COVID Correction and Equity Act This bill expands the Old-Age, Survivors, and Disability Insurance (OASDI) benefits program, temporarily expands the Supplemental Security Income (SSI) program, and otherwise modifies these programs. Specifically, the bill revises OASDI benefits by (1) modifying funding formulas, (2) extending eligibility for certain benefits, and (3) increasing income thresholds used to determine the percentage of benefits subject to federal income tax. Changes to OASDI funding formulas include (1) increasing the primary insurance amount, (2) establishing new methods to calculate benefits for individuals with lifetime low earnings and for widows and widowers, and (3) modifiying application of the national average wage index to prevent certain reductions to benefits. In addition, children of a deceased, disabled, or retired worker remain eligible for OASDI benefits through age 22 if they are full-time students. Under current law, they receive benefits through age 18. The bill also extends dependent child benefits under the OASDI program to specified family members other than grandparents or step-grandparents, including in cases where a court grants custody of the dependent child to an eligible family member. To receive benefits under current law, either both parents must be disabled or deceased or a grandparent or step-grandparent must legally adopt the dependent child. The bill also temporarily increases income and resource limits for the SSI program, thereby temporarily expanding eligibility. This program helps aged, blind, and disabled individuals with limited income and resources meet their basic needs.