President Trump's Aug. 8 Tax Executive Orders

On Saturday, Aug. 8, 2020, President Donald Trump signed four executive orders (EO) to defer payroll taxes, set up an assistance program for lost wages to supplement unemployment benefits, extend the federal moratorium on evictions and defer student loan payments.

- Payroll Tax Deferral. The EO calls on the secretary of the Treasury to defer the withholding, deposit and payment of payroll taxes from Sept. 1, 2020 through Dec. 31, 2020.

- Assistance Program for Lost Wages. The EO provides that the federal government will set up a federal assistance program for lost wages to supplement unemployment benefits. The federal government would provide a $300 payment per week, with states covering an additional $100 payment, for a total of $400 for eligible claimants.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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