Over the weekend, President Trump signed an executive order that extended economic relief for Americans after lawmakers couldn't reach an agreement on the coming stimulus package.
So, what did these new executive orders change? In a recent article from Forbes, it's explained that the new orders include an extension on the enhanced unemployment benefits through to the end of the year at a rate of $400 per week. Trump also signed in a Payroll Tax Holiday that will start on September 1st and go through until the end of the year. Additionally, Trump said that the holiday might be retroactive to August 1st.
So what is a Payroll Tax Holiday? American workers earning less than $100,000 a year will be eligible for the Payroll Tax Holiday, which reduces the amount of tax taken out of workers' paychecks to fund Social Security and Medicare. Tax cuts require Congressional approval, but Trump does have the option of using emergency powers to delay tax collection. The executive order also adds an extension to the Federal Eviction Moratorium, which expired last week.
Under the CARES Act, landlords and housing authorities were prevented from filing eviction notices, charging nonpayment fees, or giving notice to tenants for vacation. Trump didn't say how long the moratorium would last, but it could be assumed its duration will be until the end of the year.
Federal Student Loan Payment Suspension:
Lastly, Trumps executive order suspends student loan payments through until the end of the year, while also maintaining the zero-percent interest for federal student loans. For more information, check out this link here.
Important Coronavirus Information:
- > NEXT STORY: Xbox Series S confirmed real by new controller leaks
- < PREVIOUS STORY: Oops, the not-yet-confirmed, but cheaper Xbox Series S gets confirmed