Second Stimulus Check Update | Executive Orders | $400 Per Week

Second Stimulus Check Update: Click “Show More” to see my Favorite Financial Tools ▽MY FINANCIAL TOOLS▽ 🏦 SoFi Complete Money Management ➤ Checking & Savings - https://magnified.reviews/SoFi ➤ Credit Card - https://magnified.reviews/SoFiCreditCard ➤ Invest - https://magnified.reviews/SoFiInvest ➤ Budgeting - https://magnified.reviews/SoFiRelay ---------- 💰 Chime Fully Online Banking ➤ Sign-Up for Chime HERE: https://magnified.reviews/Chime ➤ Chime Credit Builder HERE: https://magnified.reviews/Credit-Builder ---------- 💳 Favorite Credit Cards ➤ Chase Sapphire - https://magnified.reviews/Sapphire-Pr... ➤ Capital One Venture X - https://magnified.reviews/VentureX ➤ Chase Ink Business - https://magnified.reviews/Ink-Business ➤ Amex Green - https://magnified.reviews/Amex-Green ➤ Amex Platinum - https://magnified.reviews/Platinum ➤ Amex Business Gold - https://magnified.reviews/BusinessGold ---------- 📊 Wealthfront Automated Investing ➤ First $5,000 Managed for FREE - https://magnified.reviews/Wealthfront ---------- 💵 Current Card ➤ Current | Modern Banking App - https://magnified.reviews/CurrentCard ---------- 📸 MY CAMERA GEAR ➤ My Camera: https://magnified.reviews/Camera ➤ My Microphone: https://magnified.reviews/Microphone ➤ My Lights: https://magnified.reviews/Lights So the first executive order is a payroll tax holiday which would defer your payroll taxes from September 1st of this year to the end of 2020. Now when talking about payroll taxes we're specifically looking at the 6.2% of your check that goes to Social Security and the 1.45% that currently goes to Medicare. This basically means if you make less than $104,000 a year then you would qualify. Now you may have noticed that I used the words deferred and a payroll tax holiday and that's because this is not a payroll tax cut, you would still have to pay these payroll taxes back which is why in my opinion it's not the best option. This small payroll tax cut for just a few months before the end of the year would really be of little value to most employees plus having to pay that amount back means that when all is said and done you really get no benefit from this at all. However, only Congress can decide whether they have to be paid back or not and with them sidetracked on a lot of other things right now, I'd probably assume that you will have to pay this back at some point especially considering that if this isn’t paid back, it could really hurt the social security program which is already running low on money. So after that, we also have an eviction protection extension that simply extends the exact same eviction protections that were in the cares act which kept landlords from evicting their tenants if they did not pay their rent during that period of time. Now, this is important because with these eviction protections expiring, there are growing concerns that many renters will be thrown out since they're not able to pay their rent. So this eviction protection extension is a good idea however there's always some fine print and this is not exactly what you think. This executive order does not actually extend the cares act eviction protection but instead gives the secretary to public Health and Human services as well as the CDC director the ability to make this decision in the future. That brings us to the third executive order which is by far the most controversial and highly debated and that is an extension of the unemployment benefits from the cares act. As you might know, the cares act gave unemployed individuals $600 per week from the federal government on top of the state benefits that they already received and this caused a lot of tension because in many cases, unemployed individuals were making significantly more sitting at home than those working hard and in some cases risking their lives to work through the pandemic. Now regardless of how you feel about this, this executive order would reduce those federal benefits from $600 per week down to $400 per week. So while this would be retroactive and pay you back to August 1st, these payments would be ending just as soon as they started so I wouldn't hold your breath if you're relying on these and I would definitely focus your energy towards finding ways to safely get back to work if possible. And lastly, we simply have a student loan interest deferment extension which again extends upon the cares act extending the paused interest payments on all federal student loans. That one is pretty straight to the point and by far the most simple so green check on that one. Music from Storyblocks Audio Magnified Money may receive compensation for sending traffic to partnered sites. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.