On Saturday the President signed executive orders that we’ll outline below with commentary:
- Federal Unemployment Continuation – the previous Covid unemployment up to $600/week enacted earlier by Congress terminated on 7/31. This new extension order allows for up to $400/week but it requests that the states supply $100/week of it ($300 by fed and $100 by state). It is to be determined whether the states’ Workforce Commissions are on board or have the funds to do so.
- Payroll Tax “Holiday” – this order allows for employers to “defer” (not cut) payroll tax. However, because it is interpreted as not being a tax cut it will likely require the tax to eventually be paid, unless Congress acts to have it forgiven.
- Eviction/Foreclosure Assistance – this order makes it more difficult for some landlords and mortgage providers to evict renters/foreclose homeowners, in order to minimize the risk of possibly spreading the virus unintentionally to other locations after being evicted.
- Lastly, Student Loan Deferral – this last order allows for a few more months of required student loan payments to be deferred for some student loans.
These orders are still being sifted through in how they’ll play out practically and unfortunately at the moment we do not have any more info. We’re praying for you, your family and your business during this difficult season. Stay safe and well!