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Fiscal stimulus plans
American Middle Class

FISCAL STIMULUS PLANS STILL IN ACTION

Fiscal stimulus plans from the CARES act and President Trump’s executive orders are still in action.  However, all of them will expire on or before December 31, 2020.  With the latest coronavirus stimulus bill failed in the Senate last week, millions of jobless Americans might not get additional help once those fiscal stimulus plans expire this year.

The Republican’s legislation, known as the skinny bill, would have extended pandemic unemployment assistance, but at $300 per week from the previous $600 and replenished the Paycheck Protection Program (PPP).

The next steps on the Coronavirus stimulus package are not clear since Republicans and Democrats are at odds with it.  Therefore, current fiscal stimulus recipients need to plan accordingly. Below are the fiscal stimulus plans that are still in action and their expiration date:

Aviation Payrolls Support -09/30/20

The failure of the latest stimulus bill in the Senate put thousand of commercial airlines and airline contractors at risk of losing their job once the aviation payroll support expires September 30, 2020.

The Payroll Support Program (PSP), a provision from the CARES act, allocated federal dollars to maintain payroll, including wages and benefits for aviation employees.

Aviation experts and economists believe that the airline industry might not recover from the Coronavirus for years.

Pandemic Unemployment Assistance-12/31/20

President Trump executive orders extended the enhanced coronavirus unemployment benefits to millions of unemployed Americans through 2020.

The Pandemic Unemployment Assistance (PUA) is one of the CARES Act provisions that help unemployed Americans who are not usually eligible for regular unemployment insurance benefits.  They are getting $300 per week until December 31, 2020.

Mortgage Foreclosure Moratorium-12/31

Mortgage borrowers with federally backed and FHA-loans have to worry about losing their homes due to the pandemic.  No foreclosures on those mortgages until December 31, 2020.

Eviction Moratorium-12/31

Renters are also protected from being evicted from their homes until December 31, 2020.  State and local governments execute the federal eviction moratorium differently.

Suspension of Student Loans-12/31

The deferment of student loan payments and the waiver of all interest on loans held by the Department of Education will expire on December 31, 2020.

The Bottom Line

The aforementioned fiscal stimulus plans are anchoring the U.S. economy.  Landlords in numerous states have not been able to evict renters, and mortgage servicers have not foreclosed on borrowers for months.  Multiple crises, including a foreclosure, eviction, and others, could be brewing.

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