Stimulus Payment: Everything You Should Know of the Newly Signed Executive Order
Pres. Donald Trump signed four executive orders on Saturday that extend unemployment claims, delay payroll taxes, house eviction protection, and student loans payment freeze to help millions of Americans who are heavily impacted by the global pandemic.
Pres. Donald Trump has already expressed last week his intention to sign an executive order extending the stimulus payment, house eviction protection, and more if Congress will not act by Friday. This is to ensure that Americans will have the benefits and support they need amid the global pandemic.
On Friday, the negotiations with Congress on the second round of the stimulus payment failed. However, as Pres. Trump committed last week that he will issue an executive order if negotiation would not be successful. Since the talks failed, Pres. Trump signed executive orders on Saturday.
According to a recently published article in Mercury News, the newly signed executive order includes the extension of unemployment claims that amounts to $400 a week. It also delays the tax payrolls that will be effective until the end of the year, the house protection eviction, and the student loan payment freeze.
Pres. Trump ordered that payroll taxes be delayed for those who earn less than $100,000 a year until the end of 2020. He also added that if he gets elected again as president, he plans to make this order permanent.
When he signed the stimulus payment executive order at his private country club in Bedminster, New Jersey, Trump made it clear that the employer portion of the payroll tax would be delayed beginning August 1. However, this is only applicable to those who went back to work.
The most exciting part of the executive order that Pres. Trump signed is the extension of the supplemental federal unemployment benefit. Even though it is not the same as the previous weekly $600, but it is fair enough to help millions of Americans.
The first federal unemployment weekly claim under the CARES Act expired last month, and a week later, a series of stimulus negotiations were made but failed. However, on Saturday, Pres. Trump made sure that Americans and qualified individuals will receive the weekly benefit and support they need.
Pres. Trump said that the weekly unemployment benefit would be $400, and the state will cover 25 percent of it. Moreover, the president planned to use the unspent fund from the previous coronavirus relief act that he signed in March.
Aside from the extension of unemployment benefit and delaying payroll taxes. Pres. Trump also signed another two executive orders. These include holding off student loan payments and house eviction protection to help millions of Americans not be homeless.
The action of Pres. Donald Trump will issue four executive orders that extend federal unemployment weekly payment of $400, delay the payroll taxes, house eviction protection, and hold off student loan payments that will significantly benefit millions of Americans.
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