While the President and Congress agree federal support is necessary to sustain the economic recovery, it’s still unclear what this assistance will eventually look like. Here’s a high-level overview of recent Executive Orders and the pending stimulus bills.
The economic repercussions of COVID-19 have made one thing abundantly clear—more federal support is necessary to help families and businesses survive and recover from this crisis. Not surprisingly, the administration and politicians from both sides of the aisle have different visions of what this assistance should look like.
With negotiations stalling, President Trump signed two Executive Orders on August 8 that address:
|Payroll Tax Deferral|
What remains to be seen is how these orders will impact the ongoing aid talks. Republicans and Democrats each have their own fiscal stimulus bills that address a variety of topics beyond the items addressed by the president. Below is a high-level comparison of key issues currently on the table. The end result will likely be some combination of the two proposed bills.
Note: Information about the stimulus package is changing daily. This chart is current as of this writing. We encourage you to contact your Cerity Partners advisor to ensure you have the most up-to-date information.
|HEALS Act |
|Second Round of Economic Impact Payments|
|State Income Taxes|
|State and Local Tax Deduction (SALT) Limitation|
|Expanded Paycheck Protection Program (PPP)|
|Refundable Payroll Tax Credit for Coronavirus Expenses|
|Increased Employee Retention Tax Credit|
We’re closing monitoring the discussions taking place in Washington, D.C. We will keep you apprised of any significant developments and how they may impact your personal and business planning.
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