President Donald Trump signed four coronavirus economic relief executive orders after Congress had failed to agree on a deal on Friday.  

The executive orders will extend unemployment benefits to Americans struggling during the pandemic, defer student loan payments through 2020, provide a payroll tax holiday, and extend the federal moratorium on evictions.

 Extend Unemployment Benefits

The enhanced coronavirus unemployment benefits to millions of unemployed Americans will extend through 2020.  However, they will get $400 instead of $600 each week they were getting until the program expired last month.  The White House also wants states to cover 25% of the $400.

Defer Student Loan Payments through 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided student loan payment relief, but that program is scheduled to expire on September 30, 2020. 

The President’s memorandum will defer student loan payments and the waiver of all interest on loans held by the Department of Education until December 31, 2020

Payroll Tax Holiday

Employees who earn less than $4,000, calculated on a pre-tax basis, bi-weekly can defer payment of certain payroll tax obligations. 

Extend the Federal Moratorium on Evictions

The President’s memorandum promised to continue the suspension of tenant evictions, but it did not give an end-date.  

The memorandum does state though that, “The Secretary of the Treasury and the Secretary of Housing and Urban Development shall identify any and all available Federal funds to provide temporary financial assistance to renters and homeowners who, as a result of the financial hardships caused by COVID-19, are struggling to meet their monthly rental or mortgage obligations”.

Why All Those Executive Orders

In an election year, President Trump wants to show working Americans, most importantly voters, that his administrations can be useful even without Congress’ help.   All, but the payroll tax holiday memorandum will be most likely be challenged in courts by the Democrats since Congress controls federal funding.