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At @Bankrate, we've been spending the past few days hanging out deep in the weeds of President Donald Trump's four executive orders.
1. $400 unemployment boost
2. Payroll tax deferral
3. Student loan forbearance
4. Eviction moratorium
Our snapshot: https://www.bankrate.com/banking/trump-coronavirus-stimulus-executive-orders-unemployment-payroll-tax/
1. $400 unemployment boost
2. Payroll tax deferral
3. Student loan forbearance
4. Eviction moratorium
Our snapshot: https://www.bankrate.com/banking/trump-coronavirus-stimulus-executive-orders-unemployment-payroll-tax/
On the payroll tax memorandum, @JimRoyalPhD does a great job of breaking down the obvious caveat: It's a deferral, not a cut.
Experts are debating whether the holiday (from Sept. 1-Dec. 31 for those making up to ~$104,000) will actually move the needle. https://www.bankrate.com/taxes/trump-payroll-tax-deferral-executive-order/
Experts are debating whether the holiday (from Sept. 1-Dec. 31 for those making up to ~$104,000) will actually move the needle. https://www.bankrate.com/taxes/trump-payroll-tax-deferral-executive-order/
Trump's student loan memorandum is likely the easiest to implement (and will steer clear of other barriers), simply because it extends federal borrowers' forbearance program already in place by three months, moving the Sept. 30 expiration to Dec. 31. https://www.bankrate.com/loans/student-loans/trump-executive-orders-student-loan-relief/
The $400 unemployment boost is without a doubt the wonkiest & most contested of the four orders.
UI experts and lawmakers are expressing concerns re: constitutionality & implementation, meaning big roadblocks before Americans get $$$. https://www.bankrate.com/banking/federal-reserve/how-trump-400-unemployment-boost-works/
UI experts and lawmakers are expressing concerns re: constitutionality & implementation, meaning big roadblocks before Americans get $$$. https://www.bankrate.com/banking/federal-reserve/how-trump-400-unemployment-boost-works/
How it was *intended* to work (and it's different from the CARES-Act backed $600 FPUC payment):
- $300 is supplied by the federal govt; $100 from states
- Trump is shifting over FEMA funds for feds' portion; states can tap into a CRF https://www.whitehouse.gov/presidential-actions/memorandum-authorizing-needs-assistance-program-major-disaster-declarations-related-coronavirus-disease-2019/
- $300 is supplied by the federal govt; $100 from states
- Trump is shifting over FEMA funds for feds' portion; states can tap into a CRF https://www.whitehouse.gov/presidential-actions/memorandum-authorizing-needs-assistance-program-major-disaster-declarations-related-coronavirus-disease-2019/
More:
- Eligibility: Individuals who receive more than $100 in weekly UI checks (meaning more scaled than FPUC)
- Should last until Dec. 6, or until funds run out, whichever comes first
- Eligibility: Individuals who receive more than $100 in weekly UI checks (meaning more scaled than FPUC)
- Should last until Dec. 6, or until funds run out, whichever comes first
And a preview of a few barriers:
- Funds will likely only last 5-6 weeks
- States will find it hard to fund their share (which might be required to receive feds' portion)
- States' regular UI payments *might* count toward match, but what does that mean for federal-funded PUA?
- Funds will likely only last 5-6 weeks
- States will find it hard to fund their share (which might be required to receive feds' portion)
- States' regular UI payments *might* count toward match, but what does that mean for federal-funded PUA?
