On Saturday, August 8, 2020, President Trump signed four Executive Orders to provide additional economic relief during the ongoing pandemic. The Executive Orders addressed unemployment, payroll taxes, student loans, and evictions.
- On July 31, 2020, the federally enhanced unemployment payments ended. The Executive Order gives those on unemployment an additional $400 per week, with $300 from the federal government and $100 to be provided by the states (in addition to regular state unemployment benefits).
- In regards to payroll taxes, the Executive Order provides a deferral of payroll taxes for individuals making less than $4,000 bi-weekly (as annualized, $104,000). The payroll taxes for the period September 1 through December 31, 2020, will only be deferred and due at a later date; however, the Order does direct the Department of Treasury to determine how the deferred taxes could be forgiven and not paid by the taxpayer. The Executive Order requests that the Department of Treasury develop rules on the application of the Order, so there will be additional information on how this applies to employers and employees.
- Any student loan payments for loans held by the Department of Education will have payments deferred until at least December 31, 2020.
- The final Executive Order directs the Secretary of the Treasury and the Secretary of Housing and Urban Development to find federal funding to prevent evictions.
The implementation of these Orders will require additional Federal rulemaking. As those rules are put into place, we will continue to provide updates.