Date: 2020-08-12 02:03:17
Today we’re going over the new executive orders – the status of the stimulus check and stimulus package – and what this means for you. Enjoy! Add me on Instagram: GPStephan
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First, we have what’s known as a “Payroll Tax Holiday”
This is an executive order for employers to temporarily defer Payroll Taxes with their employees, which would effectively give them MORE money left over with every paycheck. This new executive order would DEFER those taxes from September 1st through December 31st of this year for workers earning $4000 or less bi-weekly, before taxes.HOWEVER… as of RIGHT NOW, the Payroll tax WILL NEED TO BE PAID BACK in 2021, so even though you’re getting more money upfront…unless anything changes, you’ll have to pay it back.
New EVICTION PROTECTIONS for tenants:
What this DOES is give power to the Secretary of Health and Human Services, and the director of the CDC, to consider whether any measures of halting eviction is REASONABLY necessary to prevent the further spread of the illness.
Extended Unemployment Benefits:
This calls for a $400 per week Unemployment Benefit ending no later than December 6th, 2020 – under this, the federal government would supply $300 per week, and the state you reside in would provide the other $100 per week. In order to be eligible, according to this executive order, the recipient MUST be eligible for at least $100 per week of unemployment compensation. That means some people, in certain states, would be under that $100 per week threshold – and therefore, not eligible for the extra $400 per week.
Finally – STUDENT LOANS.
It’s been ordered that all student loans held by the Department of Education be deferred until the end of the year, interest free. Just remember this doesn’t apply to privately held loans, so if that’s you – this executive order won’t affect you.
TECHNICALLY – these executive orders CAN be challenged in court, and that would delay these benefits from going into affect.
On a smaller scale, there are also some issues with all of these that need to be brought up for anyone wanting a full scope on the realities of how this will play out:
With the payroll tax holiday, it is only deferment – so the money needs to be paid back. It’s also the EMPLOYERS who are responsible for withholding this tax and making sure it’s paid, so it might create a logistical tax NIGHTMARE if they’re not able to collect this money BACK, or make sure it’s paid by the 1st of the year. So most employers, out of caution, would chose NOT to give their employees their payroll tax knowing that – most likely – they’ll just have to pay it back a few months later.
Second, the housing protection isn’t really an eviction or foreclosure protection at all – it only gives the authority to someone else who has the power, at their discretion, to enact protections – IF NEEDED.
Third, the unemployment benefit is likely the most substantial from all of this – BUT, it’s estimated that – as it’s written – there’s only enough funding to last for about 5 weeks, given the $44 billion dollar limitation .
AND…if and once the senate passes a full stimulus relief package…that will over ride these executive orders, so this may only be temporary until something more permanent goes into effect.
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