This paper uses the first round of the 2020 COVID-19 Disparities Survey to examine the impacts of the COVID-19 pandemic on the income and mental well-being of cismen, ciswomen, transgender, and non-binary individuals. The analysis shows that the pandemic led to high job and income loss expectations among transgender and non-binary individuals. The pandemic has also led to a disproportionate reported decrease in consumption for transgender and non-binary people compared to cismen, potentially related to a high rate of anxiety, loneliness, and depression observed in the group. The results highlight that the disproportionate economic impacts resulting from the COVID-19 pandemic might cause further declines in the economic conditions of transgender and non-binary people, thus exacerbating existing vulnerabilities in the community.