President Trump Signs Coronavirus Relief Executive Orders
President Donald Trump signed an executive order on Saturday night after negotiations reached a deadlock in the House over another coronavirus relief package.
Here is everything you need to know about the executive orders:
Unemployment benefits include an additional $400 per week, retroactively starting August 1st. The federal government would contribute $300 and the states would contribute $100.
White House economic advisor Larry Kudlow said Sunday that people could expect checks in a couple of weeks.
Eviction Moratorium and Renter Assistance
The executive order did not provide specifics on a renewed eviction moratorium or renter assistance. Instead, it defers to other governmental agencies to make that determination.
The decision to ban evictions will be decided by the Health and Human Services Secretary and Centers of Disease Control and Prevention Director.
The decision to provide financial assistance to renters will be decided by the Treasury Secretary and Housing and Urban Development Secretary.
Student Loan Payment Deferrals
Student loan debt interest would be waived through the end of the year. This only applies to loans held by the Department of Education, so it does not apply to privately held student loans.
Payroll Tax Cut
The federal tax withholding for the payroll tax would be deferred (not forgiven) starting September 1st and through the end of the year for people earning less than $100,000 a year.
The Treasury Secretary may also exercise his authority to defer the withholding, deposit, and payment of the tax, meaning it may be forgiven. He could also extend the program for a full year.
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