This content is for the first stimulus relief package, The Coronavirus Aid, Relief and Economic Security Act (CARES Act), which was signed into law in March 2020. For information on the second stimulus relief package, the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, please visit the second post here.
President Trump signed four executive orders related to coronavirus relief. The four executive orders are intended to deliver relief through a range of measures, including expanded unemployment insurance, a payroll tax deferment, student loan relief, and a moratorium on evictions.
The U.S. Treasury still needs to issue final guidance on the executive orders just signed, but Intuit® Accountants is here to break down what’s included in the four executive orders and will be here for you once final guidelines are issued.
The order calls for an expansion of unemployment aid, providing Americans who are unemployed an additional $400 per week in federal unemployment insurance. This comes after the expiration of the $600 per week in federal unemployment under the CARES Act, which expired on July 31.
Payroll tax deferment
The order calls for a payroll tax deferment or payroll tax holiday to defer payroll taxes for employees earning less than $100,000 per year, which could be retroactive from Aug. 1, 2020, through the end of the year.
Extended student loan relief
Under the CARES Act, students could forgo paying their student loans through Sept. 30, 2020, interest free. The President signed the “Memorandum on Continued Student Loan Payment Relief During the COVID-19 Pandemic” with the intention of extending that relief through the end of the year.
Under the CARES Act, the eviction moratorium protecting renters from eviction if they were in buildings with mortgages secured by the federal government expired the end of July. The fourth executive order may extend those protections for certain renters.