The President, in a swift move on Saturday, signed into law 4 new executive orders.
Here is a breakdown of each order and how it may affect you:
Executive Order: Payroll Tax Holiday
The new executive order shows business owners now have the ability to defer the payroll taxes owed for any compensation and wages that occurred from 9/1 – 12/31.
This payroll tax holiday is scheduled to still be owed taxes but just delayed.
However, there has been a mention of potentially offering Payroll Tax Forgiveness on this deferral, but nothing is set in stone.
Extending Enhanced Unemployment Benefits
The unemployment benefits of $600/week expired last week. However, a new executive order came into play to extend the additional unemployment to 400/week.
The federal government will be taking on 75% of the cost and the states will take on the remaining costs of 25%.
Minimizing Ability to Evict Residents/Homeowners
Renters and homeowners can stay in their homes as a protection from eviction.
“It is the policy of the United States to minimize, to the greatest extent possible, residential evictions and foreclosures during the ongoing COVID-19 national emergency.”
Student Loan Borrowers Relief
The final executive order now extends the student loan interest rate of 0% to the end of the year.
All of these changes come on the last day the Paycheck Protection Program was extended to due to the Flexibility Act.
If you have any questions please feel free to give us a call at (702) 258-1995.