Executive Order: Trump Acts on Promise

Executive Order: Trump Acts on Promise

(FinancialHealth.net) – Last week, we told you about the failed COVID-19 relief negotiations. At the time, there were rumors about President Donald Trump acting on his own to help the American people. And that’s exactly what he did.

On August 8, President Trump signed four executive orders to address some of the financial hardships facing families due to the virus. Here’s what the policies will do:

  • The first order defers payroll taxes from September 1, 2020 through December 31, 2020 for people whose wages are usually less than $4,000 bi-weekly.
  • Trump’s second executive action orders Treasury Secretary Steven Mnuchin and Housing and Urban Development Ben Carson to identify money they can use to provide financial help for renters and homeowners. It doesn’t put another eviction moratorium in place, but it does mention recommendations by the CDC, along with Health and Human Services, that they consider taking further action if it can help “prevent the further spread of COVID-19.”
  • The third executive action provides an extra $400 in emergency unemployment benefits through December 31, 2020. States will be responsible for chipping in 25% of that amount.
  • The president’s fourth order allows people with student loans held by the Department of Education to defer repayment until the end of the year. It also waives all interest on the loans until December 31, 2020.

On Saturday, August 8, the president announced his executive orders and said they will “provide relief to the American worker.”

Lawmakers are expected to continue negotiations this week. President Trump’s actions are helpful, but he doesn’t have the power to do everything himself. Congress needs to do its job too.

~Here’s to Your Financial Health!

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