Samuel Case, FISM News
President Donald Trump has signed several executive orders in light of Congress’s inability to compromise over a new coronavirus relief bill. The president signed in total four executive orders related to coronavirus relief and knocked congress for playing “political games that harm American lives” and therefore deemed it necessary to take “action to provide financial security to Americans.”
The president’s first order extends the federal student loan relief that was set to expire at the end of September to the end of the year. For the rest of 2020, there will be no required payments on federal student loans and the interest rates on such debt will remain at zero.
The second order tasks the Secretary of Housing and Urban Development to act in a manner “appropriate and consistent with applicable law” to “minimize, to the greatest extent possible, residential evictions and foreclosures” in order to prevent an aggravation of the homelessness crisis and prevent further spread of the pandemic. The order suggests actions such as proving available funds to those struggling to keep up with rent or mortgage payments.
Trump’s third order takes the form of a payroll tax holiday for those whose pre-tax compensations are under $4,000, similar to actions taken by Obama in 2011 and 2012. This holiday will begin on September 1st and will extend to the end of the year. It is designed to provide extra income to employees without putting an additional financial strain on employers.
The final order is meant to serve as a replacement for the economic relief bill by providing the unemployed with $400 a week, now that the $600 a week unemployment benefits have ended. This directs the federal government to provide $300 and the states to provide $100 worth of relief. Up to $44 Billion dollars in relief will be derived from the Department of Homeland Security’s Disaster Relief Fund and Trump suggests states use money from the CARES act to fund their portion of the directive.
Sourced from the White House and NPR