Wednesday, August 12, 2020

Will You Be Impacted By the President’s Executive Order?


 

The President issued an executive order and three memoranda recently. Currently, the effect of these orders is unknown due to possibly being legally challenged and/or becoming irrelevant if Congress can pass a new relief package quickly, although negotiations surrounding a relief package have been stalled. The issues addressed include:
 ·      

          Additional $400/week unemployment assistance  - if receiving at least $100/week of state unemployment and unemployment is due to COVID-19
·         Student loan deferral on Department of Education loans through December 31, 2020
·         Directs certain government organizations to work to help minimize evictions and foreclosures
·         Deferral of the employee portion of Social Security tax on wages (under a certain threshold)

LWH is continuing to monitor the situation to determine how the order/memoranda will impact clients.

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