Will a COVID-19 Payroll Tax Cut Help?
A stimulus package bill proposed by President Trump designed to give the U.S. economy a boost or at best, stabilize it, as coronavirus fears run rampant, will be introduced on the floor of the House, but so far it seems unlikely to include a temporary halt to the payroll tax that the Trump administration had been seeking to implement.
This comes as the U.S. and other global markets face widespread instability since the coronavirus outbreak began. House Majority Leader Steny Hoyer, D-Md., said, “we don’t want to panic, but we don’t want to give the impression this isn’t a major health challenge,” adding that the stimulus package will cost “billions” and would prove to be “more costly if we don’t provide the relief.”
In an effort to do their part and help small business owners feeling the ill economic effects of the Coronavirus, Brooklyn-based HR platform, Fingercheck, has re-vamped the terms of their financing program. “We did this to make it easier for business owners and the hourly wage earners who work for them in this tough climate”, said Fingercheck CEO, Joel Kohn. He, along with partners, Infinity Capital Group, shared flexible financing options that doubled term rates from four to eight weeks, offering convenient payment installment plans, doing away with full, lump-sum repayments and same-day approvals, making funds available faster.
Aside from payroll tax relief, Trump stated he intends to help hourly wage employees to ensure they’re “not going to miss a paycheck” and “don’t get penalized for something that’s not their fault.” Time will tell how this plays out but if anything is certain, it’s that the economy, despite the massive hit, has always shown resiliency and like the vast majority of those with COVID-19, will recover.