ICYMI: Executive Orders (Unemployment, Evictions, Payroll Tax and Student Loans)

Executive Orders Signed 8/8/20

President Trump signed four executive orders on Saturday August 8, 2020 that will bring much needed financial relief to millions in the country.

COVID relief talks have stalled between Congress and the White House. Due to the need for financial relief, President Trump has signed four new executive orders that were designed to help millions of struggling Americans bypassing traditional relief package talks.

According to President Trump, talks regarding COVID relief packages have stalled for the following reasons:

  • Democrats want to include a ban on voter ID in the COVID relief package.

  • Democrats want to include a ban on signature verification for all federal elections.

  • Democrats are pushing for universal mail in ballots for all elections.

  • Democrats want to force states to ballot harvest.

  • Democrats are demanding stimulus for illegal immigrants.

  • Democrats are demanding the mass release of detained immigrants scheduled for deportation.

  • Democrats are demanding the immediate release of thousands of inmates (some with violent histories).

So, what did he sign today?

Here is a brief explanation of each executive order:

  • Payroll Tax Holiday. This order is assumed to be effective August 1st. The president briefly mentioned Income and Capital Gains tax relief in the future but neither were included in this executive order. Payroll Taxes fund Medicare and Social Security whereas Income Taxes take a percentage of what you earn from each paycheck. The Payroll tax holiday is expected to expire in December of 2020 but the president mentioned, if re-elected in November, he will make this move permanent.

  • Student Loan Relief. The president signed an executive order that will keep student loan interest at 0% and continue to suspend federal student loan payments until December of 2020.

  • Continued Unemployment Insurance Relief. The executive order related to unemployment provides an additional $400 per week. The caveat is that states will be expected to absorb 25% of the cost. Each state will decide how to proceed and whether or not to participate. President Trump indicated that the $400 per week is higher than the number originally discussed during negotiations and that $600 served as a disincentive to going back to work.

  • Lastly, President Trump signed an Eviction Protection executive order thus keeping millions from losing their homes. The order also includes relief for both renters needing financial assistance to keep housing and for homeowners who are losing money due to renters inability to pay. The order includes billions to banks and lenders to help protect both renters and owners alike.

If you want to watch the video, click here.

To see these and other executive orders signed by President Trump, please check the Federal Register for details.

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