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- Student loan payment relief extended until 2021
- Defer payroll taxes for wages less than $100K per year until 2021
- Unemployment benefits extended at a new rate of $400 per month
- Protection for homeowners and renters against eviction
While Congress remains hesitant with the President and reticent, Trump proposes a plan they cannot jettison: four executive orders for Covid-19 relief.
Firstly, student loan payments, payroll tax deferral, and unemployment benefits, and have all been extended. The former two have been extended until 2021; student loan payments will recommence on January 1, 2021 while taxes on wages earned now until the end of the year (for those earning less than $100,000) will be deferred, but not necessarily pardoned. While Trump has made promises that his reelection would bring an end to payroll taxes altogether, Congress is adamant about continuing to tax relentlessly.
Treasury Secretary Mnuchin said Monday, “The president is determined to spend what we need to spend… We’re prepared to put more money on the table,” agreeing with Trump, that, to make active strides for Covid-19 relief, we must remain aggressive and competitive, giving unemployment a boost rather than a sedative.
The final order extended the eviction moratorium, encouraging federal officers to consider the necessary measures before hastily evicting tenants who are unable to pay rent.
So, what comes next? The executive order lacks authority to secure a second round of stimulus checks; the decision it is awaiting congressional approval and does not have the votes needed to go into legislation anytime soon.
Sincerely,
Devin McQuillan
Associate, Creative Solutions
Contact:
516-541-6549 | Email