Stimulus Check + 4 NEW Executive Orders (How This Affects You)

What just happened to the Stimulus Check, and explaining the 4 new Executive Orders, and how they're about to affect you

► My Stock Portfolio + Stock Tracker

► Get 2 Free Stocks on WeBull (Valued up to $1400 when you deposit $100)

► ROBINHOOD Free Stock

► Open A Roth IRA

► FREE Discord

► Follow Me On Instagram

Friday August 7th. Everyone was expecting the republicans and democrats to come together and help the American people with the second round of stimulus checks. Unfortunately, that did not happen and negotiations fell apart because they couldn’t come to an agreement on the budget. The house democrats wanted to spend 3.4 trillion dollars meanwhile the senate wanted to spend one trillion dollars. Both sides did not back down and nothing productive happened. Cue the 4 new Executive Orders from the President.

Executive Order #1: This one is called the “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster”.

The payroll taxes the order is referring to, is the Federal Insurance Contributions Act, which you might know better as FICA which appears on every paycheck we get. This program is responsible for medicare and social security. So If you have a job, and you make $4,000 or less every two weeks, or around $104,000 a year - good news - the normal taxes that we pay, which is 6.2% for Social Security and the 1.45% for Medicare are going away temporarily between September 1st 2020, to December 31st 2020. Unfortunately if you are unemployed, this doesn’t help you in any way because you don’t have payroll to get taxed on.

Executive Order #2: The second executive order is called Fighting the spread of Covid 19 by Providing Assistance To Renters and Homeowners. This one is pretty vague, and after reading the order myself, I couldn’t see any specifics but here’s what we do know.

The eviction freeze or “moratorium” as its called expired at the end of last month in July. So with this new executive order, the president is extending it and providing financial assistance to those in need. Unfortunately, there is nothing in the executive order itself that I read that reveals how long this extension is for, what it actually means to be “in need”, nor how much money will be given as assistance or where it’s going to be coming from.

Executive Order #3: Instead of the $600 unemployment benefits which expired at the end of July, this is going to replace that one with $400 a week which is exactly in the middle of what the Republicans proposed in the HEALs Act which was $200, and what the Democrats asked for which was an extension of the full $600. This will last until the week of Sunday December 6th, or until the Relief Fund falls to $25 billion dollars which is currently at around $70 billion right now. Whichever is first.

Out of that $400, $100 is going to have to be funded by the states. Unfortunately, not every state will be able to come up with the other $100 because some states are stretched to the limit and their budgets just can’t handle it. For now, you can count on $300 a week, and treat the extra $100 as a bonus if you get it.

Executive Order #4: The student loan deferment was ending on September 30th, and with this executive order the loans don’t have to be paid back until December 31st, in the meantime, loans will be set to 0% interest rate. But there’s a catch, it doesn’t apply to privately held loans which includes banks. If that’s you, I would still call and ask for any programs they might have available to help you out.

The bad news is, none of these executive orders address the stimulus check issue which unfortunately the president does not have the authority to create an executive order for. Negotiations should resume today and hopefully come to agreement Tomorrow August 11th, or Wednesday August 12th.

Two more executive orders place a ban on WeChat and TikTok (details in the video).

*Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.