NLBMDA outlines Trump’s executive relief action
President Trump took executive action on Aug.8, including several economic relief measures as discussions with Congress on a “Phase 4” package continues to lack progress.
The actions range from an extension of reduced unemployment benefits to a payroll tax deduction. Some of the details will need federal agency guidance to implement, but below are initial details of these actions:
The President signed an executive order extending supplemental unemployment benefits at a reduced amount of $400. The $600 supplemental benefit authorized by the CARES Act expired on July 31.
The National Lumber and Building Material Dealers Association (NLBMDA) said it has been lobbying for a significant reduction of the $600 supplemental benefit considering the effects it is having on labor availability.
Trump also signed an executive order to provide financial assistance to renters and homeowners to prevent evictions and foreclosures.
Key details will need to be implemented by the Department of Housing and Urban Development (HUD), according to the NLBMDA. But the available information indicates that this will apply only to properties with federally backed mortgages or HUD programs covered by the Violence against Women Act (VAWA), the association said.
Additionally, the President signed a directive deferring payroll taxes for those earning $100,000 per year or less through the end of 2020.
The action will likely see legal challenges as many have indicated that only Congress has the authority to initiate changes to revenue sources.
The NLBMDA said that it continues to advocate on behalf of the industry with a list of key priorities. NLBMDA sources reveal that Democrats and Republicans remain apart on finding common ground for a legislative package. Lawmakers will meet this week to continue discussions in an attempt to reach a compromise before the August recess.
NLBMDA has created two important grassroots campaigns for members to make their voices heard, including LBM Industry Priorities in COVID-19 Stimulus Legislation and the Opposition of a $600 Supplemental Unemployment Benefit.