President Trump on Saturday signed four executive actions to provide Americans with financial relief from the ongoing coronavirus pandemic.
Here’s a look at what they would do:
$ 400 weekly federal unemployment assistance
Trump’s executive action calls for $ 400 a week in additional unemployment benefits. Unemployed people received $ 600 a week extra until the federal program expired at the end of July.
Trump’s action would require states to pay $ 25 percent of the week’s benefit $ 400, while the federal government would raise $ 75 percent.
Trump would divert up to $ 44 billion from FEMA’s Disaster Relief Fund to cover the unemployment program.
The additional unemployment assistance would last until Dec. 6. Or until the Disaster Relief Fund’s balance sheet drops to $ 25 billion, “whichever comes first,” according to the White House memo.
This additional assistance is on top of existing benefits of state unemployment. State payments vary widely, from a maximum of $ 235 per week in Mississippi to $ 1,234 in Massachusetts.
Help with tenants and homeowners
Congress passed the CARES Act in March that gave a 120-day morale for temporary eviction to tenants in federal housing assistance programs like those living in a mortgage with a federally supported mortgage. That eviction moratorium expired in July.
Trump’s executive action would encourage federal efforts to help tenants and homeowners avoid eviction or dismissal for failing to pay their monthly payments. He leads his administration to identify available funds to “provide temporary financial assistance to tenants and homeowners who, as a result of the financial difficulties caused by COVID-19, are having difficulty meeting their monthly rental or mortgage obligations. “
Pay tax vacation
Trump will defend the tax department from Sept. 1 to Dec. 31, 2020, for employees who make $ 100,000 a year. The tax, derived from workers’ paychecks, funds Social Security and Medicare. Employees would have to repay the federal government if the tax holiday ends without further action.
Extension of relief for student loan
The executive action shuts down federal student loan payments and sets interest rates at 0 percent through Dec. 31. 2020. The current student loan relief programs would expire on September 30th.
