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Mumbai, Apr 21 () The Reserve Bank of India's three-month suspension of EMIs could provide a liquidity breather of Rs 2.10 lakh crore if all corporates avail it, says a report.The findings by Crisil Ratings are based on assessment of 9,300 of its rated non-financial sector companies across 100 sectors. It said sectors with higher leverage, such as power, telecom, roads, textiles and fertilisers, will be the major beneficiaries and account for nearly 47 per cent of the total breather available."The moratorium announced by RBI on interest and principal obligations due between March 1 and May 31, 2020, would tantamount to a liquidity breather of Rs 2.10 lakh crore if all companies opt for it," the rating agency said in a report.The amount is arrived at by considering total principal and interest falling due in the three-month period, it said.While the moratorium provides substantial benefit to India Inc, actual salary payments will depend on liquidity available on the day of the payout, it said. Companies into information technology consulting and automobile makers have low leverage and will gain relatively less from the moratorium, the report said. But they typically maintain high liquidity, which can be used to pay salaries, the rating agency said."All companies will substantially benefit from the moratorium as the median salary cover is 0.65 time. About 40 per cent of them even had a cover of over one time, indicating the benefit from moratorium exceeds employee cost during the lockdown," its senior director and head analytics Subodh Rai said. These companies are from sectors such as electricity generation, agricultural products and trading and have high financial leverage, which maximises their gains from moratorium, but relatively low employee-cost intensity, Rai said.The report further said automobile dealerships could face some challenges in salary payouts despite materially benefiting from the moratorium. "That is because, continuing slowdown in the automobile industry and complete halt in operations because of the lockdown have severely impaired their liquidity," it said. HV MR

RBI 3-month EMI moratorium could provide Rs 2.1 lakh cr liquidity to Cos

(Eds: Adding details) Mumbai, Apr 17 () Virtually doubling the timeframe for recognising a loan as a non-performing asset (NPA), the Reserve Bank announced an "asset classification standstill" for March-May, giving one more benefit to borrowers hurt by the impact of the COVID-19 pandemic. However, lenders will have to set aside 10 per cent of the loan amount as provisions in cases where there have been deferments of payments, the central bank said. The RBI had on March 27 announced a 90-day moratorium on loan repayments for all loans because of the economic impact of the pandemic, as part of a slew of announcements to help protect different sections from the reverses due to the pandemic. "It has been decided that in respect of all accounts for which lending institutions decide to grant moratorium or deferment, and which were standard as on March 1, 2020, the 90-day NPA norm shall exclude the moratorium period, i.e., there would be an asset classification standstill for all such accounts from March 1 to May 31," Governor Shaktikanta Das said in a televised video message. In other words, it will be 90 days after May 31 that an asset will be recognised as an NPA, giving the borrower much needed time to regularise an account which will be very helpful if she is hit by the economic hardships. In the case of non-bank lenders, they have also been given the flexibility under the prescribed accounting standards to consider such relief to their borrowers, Das said. Domestic credit rating agency Acuite Ratings and Research said that this measure effectively is an extension of the NPA period from 90 days to 180 days, but comes at a cost of banks' profitability as they will have to set aside 10 per cent as provision. "The banks and NBFCs also need to take higher provisioning charges for March and the June quarter, which will obviously hit their profitability further," it said. Das suggested that the move to set aside more money is driven by systemic safety considerations. "We are cognizant of the risk build-up in banks' balance sheets on account of firm-level stress and delays in recoveries. With the objective of ensuring that banks maintain sufficient buffers and remain adequately provisioned to meet future challenges, they will have to maintain higher provision of 10 per cent on all such accounts under the standstill," he said. Economic activity has come to a standstill during the period of the lockdown, with consequential lingering effects which have unambiguously affected the cash flows of households and businesses, he said. In a late evening circular, RBI said banks will have to make the provision on such assets at 5 per cent for the March quarter and the remaining 5 per cent for the June quarter. The provisions shall not be reckoned for arriving at net NPAs till they are adjusted against the actual provisioning requirements, it said. AA RVK

RBI exempts accounts with moratorium benefits from asset recognition norms for 90 days

<ul class="summary-list"><li>White House economic advisor <keyword id="1746382" type="PERSON" weightage="60" keywordseo="Larry-Kudlow">Larry Kudlow</keyword> on Sunday said that the next round of <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> relief will include more checks to Americans and extend the federal eviction moratorium. </li><li>"There's a $1,200 check coming, that's going to be a part of the new package," Kudlow said during an interview with "State of the Union" on CNN. </li><li>On Friday, the federal eviction moratorium ended, and this weekend, the extra $600 <keyword id="6358907" type="UNKNOWN" weightage="60" keywordseo="unemployment">unemployment</keyword> benefit ended. </li></ul>Larry Kudlow, Trump's top economic advisor, said Sunday that the next round of coronavirus relief will include additional $1,200 checks to Americans as well as an extension of the federal eviction moratorium. "There's a $1,200 check coming, that's going to be a part of the new package," Kudlow said during an interview with "State of the Union" on CNN. The GOP has outlined a <a href="https://www.businessinsider.com/rough-draft-gop-initial-coronavirus-relief-bill-proposal-trump-congress-2020-7">number of provisions</a> to be included in the next round of coronavirus relief, such as further aid to American families, small businesses, schools, coronavirus testing and vaccines, unemployment, and states. The bill is set to be <a href="https://www.businessinsider.com/gop-coronavirus-relief-bill-after-600-weekly-unemployment-benefit-expiration-2020-7">rolled out next week</a>.Kudlow also said that the Trump administration plans to extend the federal eviction moratorium, <a href="https://www.businessinsider.com/4-looming-relief-program-expirations-unemployment-insurance-boost-runs-out-2020-7">which ended on Friday.</a> As many as 12 million Americans that rent were protected from eviction in the four-month period, <a href="https://www.washingtonpost.com/business/2020/07/24/faq-federal-eviction-moratorium/">the Washington Post reported</a>."It's a very well rounded package," said Kudlow. "It's a very well targeted package." This weekend, the extra $600 weekly unemployment insurance benefit expired <a href="https://www.businessinsider.com/4-looming-relief-program-expirations-unemployment-insurance-boost-runs-out-2020-7">without a replacement or extention</a>. The Labor Department reported Thursday that initial jobless claims for unemployment insurance increased for the first time since March, <a href="https://www.businessinsider.com/us-jobless-claims-unemployment-insurance-filings-labor-market-coronavirus-recession-2020-7">to 1.4 million Americans</a>. Nearly <a href="https://www.businessinsider.com/us-jobless-claims-unemployment-insurance-filings-labor-market-coronavirus-recession-2020-7">32 million Americans</a> are now receiving <keyword id="414451" type="PERSON" weightage="60" keywordseo="unemployment-benefits">unemployment benefits</keyword>, according to the Labor Department. A rough <a href="https://www.businessinsider.com/rough-draft-gop-initial-coronavirus-relief-bill-proposal-trump-congress-2020-7">outline of the GOP's initial coronavirus relief package</a> says there will likely be some kind of extension of the benefit, but not at $600 per week. On Thursday, Treasury Secretary Steven Mnuchin said Republicans <a href="https://www.businessinsider.com/federal-unemployment-boost-jobless-persons-wages-mnuchin-stimulus-republicans-cover-2020-7">would look</a> to structure the federal unemployment aid so it amounts to roughly 70% of jobless person's past wages.

Kudlow says next round of coronavirus relief will include $1,200 checks and extension of eviction moratorium

(Eds: Replacing word 'opt' with 'avail' throughout) Mumbai, May 22 () State Bank of India chairman Rajnish Kumar on Friday said close to 20 per cent of the bank's borrowers have availed moratorium on repayment of term loans instalments. On March 27, the central bank had announced a three-month moratorium on payment of all term loans falling due between March 1, 2020 and May 31, 2020. On Friday, the Reserve Bank of India allowed banks and other lending institutions to extend the moratorium on loans by another three months -- from June 1, 2020 to August 31, 2020. "In case of State Bank of India, the percentage (of borrowers who have availed the moratorium) is very small…around 20 per cent," Kumar told reporters through a video conference. He said not all who have availed the moratorium are facing any liquidity issue. "Many of them could have serviced their loans but as a matter of strategy they would want to preserve their cash and have opted for the moratorium," he said. Kumar also advised borrowers to pay their loans if they are not facing any funding challenge. "If people are able to pay (EMIs) they should pay. If they are unable to pay then only they should take the benefit of the moratorium," he said. According to Kumar, the RBI's moratorium will take care of the cashflow disruption of borrowers and there might not be any urgent need for a dispensation of one-time restructuring of stressed accounts from the RBI. "Right now, the moratorium will take care of the situation around the cash flow disruptions. I would not be obsessed with one-time restructuring at this particular point of time when we have time till August 31," he said. He, however, said banks can go for debt recast even today as per June 7 circular of the RBI. Banks and NBFCs have been requesting the RBI to allow them for one-time restructuring of their accounts where the borrowers are facing funding issues. HV MKJ MKJ

About 20% SBI borrowers avail loan repayment moratorium: Chairman

Mumbai, May 22 () State Bank of India chairman Rajnish Kumar on Friday said close to 20 per cent of the bank's borrowers have opted for moratorium on repayment of term loans instalments. On March 27, the central bank had announced a three-month moratorium on payment of all term loans falling due between March 1, 2020 and May 31, 2020. On Friday, the Reserve Bank of India allowed banks and other lending institutions to extend the moratorium on loans by another three months -- from June 1, 2020 to August 31, 2020. "In case of State Bank of India, the percentage (of borrowers who have opted for the moratorium) is very small…around 20 per cent," Kumar told reporters through a video conference. He said not all who have opted for the moratorium are facing any liquidity issue. "Many of them could have serviced their loans but as a matter of strategy they would want to preserve their cash and have opted for the moratorium," he said. Kumar also advised borrowers to pay their loans if they are not facing any funding challenge. "If people are able to pay (EMIs) they should pay. If they are unable to pay then only they should take the benefit of the moratorium," he said. According to Kumar, the RBI's moratorium will take care of the cashflow disruption of borrowers and there might not be any urgent need for a dispensation of one-time restructuring of stressed accounts from the RBI. "Right now, the moratorium will take care of the situation around the cash flow disruptions. I would not be obsessed with one-time restructuring at this particular point of time when we have time till August 31," he said. He, however, said banks can go for debt recast even today as per June 7 circular of the RBI. Banks and NBFCs have been requesting the RBI to allow them for one-time restructuring of their accounts where the borrowers are facing funding issues. HV MKJ

About 20% SBI borrowers opt for loan repayment moratorium: Chairman

<ul class="summary-list"><li>The White House announced the extension of the moratorium on home foreclosures through June 30.</li><li>The extension will help the 10 million Americans who fell behind on mortgage payments during COVID-19.</li><li><keyword id="60973" type="PERSON" weightage="60" keywordseo="Biden">Biden</keyword> called on Congress to pass his <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> to give more relief to <keyword id="1590981" type="PERSON" weightage="60" keywordseo="renters">renters</keyword> and <keyword id="525760" type="PERSON" weightage="60" keywordseo="homeowners">homeowners</keyword>. </li></ul>On President's Day, just over 10 million homeowners got an extra benefit when President Joe Biden extended the moratorium on home foreclosures through June 30, intended to address the <keyword id="3701323" type="PERSON" weightage="60" keywordseo="Housing-affordability">housing affordability</keyword> crisis and aid homeowners struggling during COVID-19.The moratorium on foreclosures, in place <a href="https://www.hudexchange.info/news/fha-suspends-foreclosures-and-evictions-amid-the-covid-19-national-emergency/">since last March</a> under President Donald Trump, was <a href="https://www.businessinsider.com/biden-extends-eviction-moratorium-as-effort-to-provide-pandemic-relief-2021-1">previously extended</a> in Biden's series of executive actions on his first day in office.With the ban set to expire next month, the White House said in a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/02/16/fact-sheet-biden-administration-announces-extension-of-covid-19-forbearance-and-foreclosure-protections-for-homeowners/">statement</a> that the departments of Housing and Urban Development, Urban Affairs, and Agriculture are extending the ban another three months to aid the 10 million homeowners that fell behind on mortgage payments during the pandemic."President Biden is committed to protecting homeownership and housing stability as America begins to turn a painful crisis into a robust recovery," the statement said. "Today's extended forbearance and foreclosure programs are an important step towards building stronger and more equitable communities."<h2>Other relief in <keyword id="6354553" type="COMPANY" weightage="60" keywordseo="real-estate">real estate</keyword></h2>In addition to extending the foreclosure moratorium, the president will also extend the mortgage payment forbearance enrollment window through June 30, along with providing up to six months of additional mortgage payment forbearance for borrowers who entered forbearance on or before June 30.Aid to renters was also included in Biden's pandemic relief executive actions. According to the <a href="https://www.cbpp.org/research/poverty-and-inequality/tracking-the-covid-19-recessions-effects-on-food-housing-and">Center on Budget and Policy Priorities</a>, one in five renters is behind on rent, and to address this issue, Biden extended the <a href="https://www.businessinsider.com/biden-extends-eviction-moratorium-as-effort-to-provide-pandemic-relief-2021-1">moratorium on evictions</a> through March on his first day. In extending these programs, Biden noted that even more relief for homeowners and renters is included in his $2 trillion stimulus plan, including the Homeowners Assistance Fund, which provides states with $10 billion to help struggling homeowners. The president called on Congress to pass the plan to provide needed financial relief. "This relief is critical for homeowners with mortgages in the private market who are not able to take advantage of today's actions and may face longer-term challenges."Speaker of the House <keyword id="128640" type="PERSON" weightage="60" keywordseo="Nancy-Pelosi">Nancy Pelosi</keyword> <a href="https://www.businessinsider.com/stimulus-pelosi-biden-relief-package-timeline-congress-pass-february-2021-2">said</a> she aims at getting the pandemic relief package passed by the end of February so Biden can sign it prior to the expiration of unemployment benefits on March 14, which were extended in the December stimulus package.

Biden helps more than 10 million homeowners by extending the foreclosure moratorium through June

<ul class="summary-list"><li>Roughly 18 million Americans are behind on <keyword id="6361997" type="UNKNOWN" weightage="60" keywordseo="rent">rent</keyword> or mortgage payments as the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> pandemic continues to ravage the country, causing job losses and other economic stressors.</li><li>A new US Census Bureau survey found that about one-third of those Americans expect to face <keyword id="6356416" type="UNKNOWN" weightage="60" keywordseo="eviction">eviction</keyword> or foreclosure in 2021.</li><li>Some unemployment benefits will cease at the end of December, just as eviction and foreclosure moratoriums will end too.</li><li>The combination could cause a spike in homelessness across the country. Metropolitan areas like New York, Houston, and Atlanta that have more lower-income residents are the most at risk.</li><li>President-elect Joe Biden has supported stronger federal support for struggling renters and homeowners during the coronavirus pandemic.</li></ul>Almost 18 million Americans are behind on rent or mortgage payments.Roughly one-third of them, or 5.8 million Americans, said in a <a href="https://www.census.gov/data/experimental-data-products/household-pulse-survey.html">survey by the US Census Bureau</a> in November that they expected to face eviction or foreclosure in the coming months. That's about the size of the population in Singapore.The survey found that a staggering 50% of households behind on rent or mortgage payments in Arkansas, Florida, and Nevada thought there was a "strong chance" of eviction by early January, when certain moratoriums end.The CARES Act, which was signed into law in March, allowed homeowners to <a href="https://www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/mortgage-relief/">pause mortgage payments</a> for up to a year because of the pandemic. But they could face foreclosure if they can't pay when the law expires.Renters could be evicted even sooner. The Centers for Disease Control and Prevention's moratorium on evictions is set to end on December 31. Mark Zandi, the chief economist for Moody's Analytics, <a href="https://www.washingtonpost.com/business/2020/08/06/trump-eviction-moratorium/">told The Washington Post in August</a> that tenants nationwide could owe a total of $70 billion in back rent by the year's end.Making matters worse is that many of those who are expected to pay that back rent are also likely receiving unemployment benefits set to expire by the end of the year. A recent report found that <a href="https://www.businessinsider.com/millions-could-lose-unemployment-aid-by-december-without-coronavirus-stimulus-2020-11">about 12 million Americans</a> could lose those benefits on December 26.The abrupt end to these unemployment benefits could slash income by about $19 billion a month, Nancy Vanden Houten, an economist at Oxford Economics, said in a recent research note <a href="https://www.cbsnews.com/news/eviction-19-million-americans-risk-moratorium-coronavirus/">cited by CBS News</a>."If renters are required to quickly repay past due rent or face eviction, the hardship will fall predominantly on lower-income families who have already been disproportionately affected by the coronavirus crisis," Vanden Houten said.A <a href="https://nlihc.org/sites/default/files/costs-of-covid19-evictions.pdf">November report</a> from the National Low Income <keyword id="35061" type="ORGANIZATION" weightage="60" keywordseo="housing">Housing</keyword> Coalition and the University of Arizona estimated that 6.7 million renter households could be at risk of eviction after the moratorium ends. The authors wrote that "without federal intervention, this flood of evictions will disrupt their lives and cause severe harm to their economic, social, mental, and physical well-being."The Census Bureau's survey found that the threat of eviction and foreclosure loomed largest in metro areas like New York City, Houston, and Atlanta. <a href="https://www.nytimes.com/2020/06/22/nyregion/nyc-evictions-moratorium-coronavirus.html">New York City</a> is expected to carry out thousands of evictions and foreclosures in the coming months.The NLIHC report said the evictions would also result in increased needs for social services. The costs of "emergency shelter, inpatient medical care, emergency medical care, foster care, and juvenile delinquency" could spike, it said, putting further stress on local governments and public agencies during the coronavirus pandemic.But experts have said that even if <a href="https://www.nytimes.com/2020/09/03/upshot/eviction-moratarium-rent-crisis.html">moratoriums are extended</a> and unemployment benefits continue, that could <a href="https://www.businessinsider.com/critics-eviction-ban-may-only-delay-wave-of-homelessness-2020-9">simply be kicking the can down the road</a>, delaying a wave of homelessness.President-elect Joe Biden has <a href="https://www.businessinsider.com/joe-biden-calls-for-rent-mortgage-forgiveness-from-federal-government-2020-5">voiced support</a> for federal rent and mortgage forgiveness during the pandemic. He said in <a href="https://www.vanityfair.com/news/2020/05/who-you-calling-sleepy-joe-biden-on-his-youth-agenda-internet-memes-and-fighting-trump-from-his-house">an interview with Vanity Fair</a> in May that postponing housing payments wasn't enough and that forgiveness is "critically important to people who are in the lower-income strata."Biden also has <a href="https://www.businessinsider.com/joe-biden-real-estate-policies-taxes-affordable-housing-2020-11">extensive plans</a> to transform housing and <keyword id="6354553" type="COMPANY" weightage="60" keywordseo="real-estate">real estate</keyword>, especially for communities in need.

Nearly 6 million Americans — roughly equivalent to the entire population of Singapore — are threatened by eviction and foreclosure this month

<ul class="summary-list"><li>A federal <keyword id="2602571" type="PERSON" weightage="60" keywordseo="evictions">evictions</keyword> moratorium is set to expire on December 31, potentially leaving millions at risk of homelessness. </li><li>People of color are most at risk, <a href="https://www.cnn.com/2020/12/18/us/minorities-evictions-coronavirus/index.html">CNN</a> reported. </li><li>In some states, people are already being evicted despite the moratorium, the majority of them being Black or Hispanic. </li></ul>People of color are most at risk of becoming homeless once a federal eviction moratorium expires at the end of this year, <a href="https://www.cnn.com/2020/12/18/us/minorities-evictions-coronavirus/index.html">CNN</a> reported. The federal moratorium was <a href="https://www.federalregister.gov/documents/2020/09/04/2020-19654/temporary-halt-in-residential-evictions-to-prevent-the-further-spread-of-covid-19">put in place beginning on September 4</a> by the Centers for Disease Control and Prevention and will expire on December 31, and it was estimated that somewhere between 30-40 million Americans could lose their homes without it. The National Low Income Housing Coalition <a href="https://nlihc.org/coronavirus-and-housing-homelessness/eviction-update">reported</a> that 80% of those vulnerable to the eviction crisis are from communities of color and said millions of low-income renters are at risk of losing their homes once both federal, and local moratoriums expire. CNN also reported that the Atlanta United Way says 95% of families it helps fight evictions are Black.In Connecticut, the <a href="https://ctmirror.org/2020/12/16/an-eviction-tsunami-is-on-the-horizon-and-with-it-comes-more-covid-cases/">Connecticut Mirror</a> reported that Governor Ned Lamont left the federal eviction moratorium for courts to determine if they apply, and residents have already begun to face eviction, the vast majority of whom are people of color. People of color have been disproportionately impacted by the pandemic in several ways. Many have been front line workers, who were at higher rates of exposure, as well as a <a href="https://www.businessinsider.com/black-asian-people-twice-as-likely-to-get-covid-study-2020-11">demographic that is at a higher risk</a> of severe illness due to underlying conditions. Jamaira Watson and her mother were evicted from her home while trying to recover from COVID-19, they told the Mirror. At the beginning of the pandemic, Watson lost a low-wage job at a hotel and got behind on her rent while waiting for unemployment benefits. She became sick with the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> right after she started a new factory job. "I had a nervous breakdown. I am struggling," Watson told the Mirror.

Housing advocates warn that as the federal eviction moratorium ends, people of color are most at risk of being left without a home

<ul class="summary-list"><li>Biden said this was going to be a "summer of joy" as most Americans got vaccinated.</li><li>But only about half the country was vaccinated when the <keyword id="11357594" type="UNKNOWN" weightage="60" keywordseo="delta-variant">Delta variant</keyword> brought back fears of lockdown and recession.</li><li>The new <keyword id="9865732" type="UNKNOWN" weightage="60" keywordseo="eviction-moratorium">eviction moratorium</keyword> is one example of a scramble to keep <keyword id="10504115" type="UNKNOWN" weightage="60" keywordseo="pandemic-aid">pandemic aid</keyword> in place when Biden expected it would end.</li></ul>It was supposed to be the "<a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/06/18/fact-sheet-300-million-shots-in-150-days-the-presidents-covid-19-strategy-is-delivering-for-americans/">summer of joy</a>." At least, that's what the White House said in June, when it touted President Joe Biden's "wartime effort to defeat COVID-19."The administration was getting more shots in arms, cases were decreasing, and the <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>'s recovery looked like a boom.Now, however, the "<a href="https://www.insider.com/cdc-internal-document-war-has-changed-delta-variant-infections-vaccine-2021-7">war has changed</a>," according to an internal CDC document. The highly contagious Delta variant has shaken the economy as it has spread across the country. Now, the rise of the Delta variant is challenging <a href="https://www.businessinsider.com/apple-office-return-delay-month-rising-covid-cases-2021-7">widespread office reopening</a> and the safe eviction of nearly 7.4 million <a href="https://www.businessinsider.com/eviction-moratorium-ending-what-to-expect-landlords-rents-tenants-2021-7">renters who are at risk of losing their homes</a>. Both were planned during the reprieve in between reopening, vaccination, and the rise of the variant - and now Biden, just like the rest of us, is seeing Delta wreak havoc on his thinking.<h2>Biden extended the eviction moratorium for the 'final' time in June - until this week</h2>Take, for example, the eviction moratorium. In place for more than a year, it halted landlords from evicting Americans who were behind on the rent during the <keyword id="43587" type="ORGANIZATION" weightage="60" keywordseo="pandemic">pandemic</keyword>, and expired on July 31. When it was last extended in June, the White House made <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/06/24/fact-sheet-biden-harris-administration-announces-initiatives-to-promote-housing-stability-by-supporting-vulnerable-tenants-and-preventing-foreclosures/">explicit</a> that this would be the "final" extension.While the Biden administration has since somewhat backtracked, and created <a href="https://www.businessinsider.com/biden-limited-eviction-ban-areas-hit-hard-by-delta-2021-8">a new pause on evicting renters</a> unable to pay, it's still more limited than the prior order. It'll <a href="https://www.businessinsider.com/biden-limited-eviction-ban-areas-hit-hard-by-delta-2021-8">last just 60 days</a>, and targets areas with <a href="https://www.businessinsider.com/bidens-new-partial-eviction-ban-stops-once-virus-infections-drop-2021-8">above-normal</a> levels of infections. Biden himself has expressed that the extended measure may not even be constitutional. "The bulk of the constitutional scholarship says that it's not likely to pass constitutional muster," he said in <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2021/08/03/remarks-by-president-biden-on-fighting-the-covid-19-pandemic/">remarks</a> on Tuesday, adding, "But there are several key scholars who think that it may and it's worth the effort."Indeed, The Washington Post's Jeff Stein <a href="https://www.washingtonpost.com/us-policy/2021/08/05/white-house-eviction-moratorium/">reports</a> that, after Biden heard from White House legal advisers that an extension wouldn't be possible, he sought out another perspective. Biden reportedly directed Ron Klain, his chief of staff, to get insights from Laurence Tribe, a prominent legal scholar and Harvard law professor emeritus who Biden has sought advice from for years, and Tribe backed the idea of creating a different moratorium altogether.<h2>Biden seems to be letting <keyword id="6358907" type="UNKNOWN" weightage="60" keywordseo="unemployment">unemployment</keyword> benefits expire in September, or even earlier </h2>Federal unemployment benefits are set to end in September. Over 20 million Americans will be impacted, <a href="https://www.peoplespolicyproject.org/2021/07/27/in-41-days-20-million-americans-will-lose-ui-benefits/" target="_blank" rel="noopener noreferrer">according to an analysis</a> from the left-leaning People's <keyword id="28351" type="ORGANIZATION" weightage="60" keywordseo="policy">Policy</keyword> Project, and 10 million will lose benefits completely, because they're on federal programs that expanded both eligibility and how long jobless Americans could receive benefits.Some experts have raised concerns that September is too early for those benefits to conclude, especially with the rise of the Delta variant. But right now, DC is <a href="https://www.businessinsider.com/stimulus-unemployment-to-expire-september-delta-threatens-economy-pandemic-relief-2021-7">not doing much</a>. Biden had <a href="https://www.businessinsider.com/biden-indicates-federal-unemployment-benefit-expiration-september-2021-6">previously said</a> it "makes sense" for those benefits to expire in September.That comes after 26 states moved to end their participation in federal unemployment benefits early, which White House Press Secretary Jen Psaki <a href="https://www.businessinsider.com/psaki-gop-states-federal-jobless-aid-every-right-2021-6">has said</a> they have "every right to do." Pulling the plug on benefits was meant to get workers back, according to the governors in those states. But the Delta variant has left many jobless Americans adrift without benefits - and they're not flocking back to the workplace.Instead, data suggest that workers in those states are staying home due to <a href="https://www.businessinsider.com/states-with-most-vaccinations-are-bringing-workers-back-quicker-2021-7">low vaccine rates</a>, something that has contributed to the <a href="https://www.businessinsider.com/graph-delta-variant-deaths-rise-countries-low-vaccination-rates-2021-6">spread of Delta</a>. It's another example of economic policies designed to help wean the economy off benefits throughout hot vax summer - if a variant hadn't gotten in the way.

Biden was like the rest of us: He thought life was going back to normal until the Delta variant hit

<ul class="summary-list"><li>The Trump administration is considering taking unilateral action on measures like enhanced <keyword id="156351" type="PERSON" weightage="60" keywordseo="unemployment-insurance">unemployment insurance</keyword> and a moratorium on <keyword id="2602571" type="PERSON" weightage="60" keywordseo="evictions">evictions</keyword> if it can't agree with <keyword id="1575" type="ORGANIZATION" weightage="60" keywordseo="Congress">Congress</keyword> on an economic relief bill, The Washington Post reported on Monday.</li><li>But the White House would still rather get a bill through Congress, The Post reported, and President <keyword id="6354484" type="PERSON" weightage="60" keywordseo="Donald-Trump">Donald Trump</keyword> has said his priorities are boosted unemployment checks and an eviction moratorium.</li><li>Trump told reporters at the White House on Monday he was examining possible executive actions on evictions and a payroll tax cut.</li><li>Negotiations between the White House and Democrats are at an impasse over unemployment insurance.</li></ul>The Trump administration is weighing whether to take unilateral action if it doesn't come to an agreement with Congress on another economic relief bill, <a href="https://www.washingtonpost.com/us-policy/2020/08/03/congress-stimulus-coronavirus-trump/">The Washington Post reported on Monday</a>, citing two sources who were granted anonymity to discuss the deliberations.No final decisions were made, and the administration would still rather get legislation through Congress, the sources told The Post.President Donald Trump said last week that his biggest priorities in negotiations over another <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> bill were an extension of enhanced unemployment insurance and another moratorium on evictions.On Monday, Trump said he would examine possible steps to take on evictions without detailing the type of executive authority he would draw from."A lot of people are going to be evicted but I'm going to stop it because I'll do it myself if I have to," Trump told reporters at the White House. "I have a lot of powers with respect to executive orders and we're looking at that very seriously right now."Read more: <a href="https://www.businessinsider.com/biggest-obstacles-to-the-next-coronavirus-stimulus-unemployment-2020-7">Fights over liability protections, unemployment benefits, and hazard pay are keeping Democrats and Republicans from reaching a deal on the next coronavirus stimulus</a>Trump later said he would consider using an executive order to lower payroll taxes, a step that some conservative economists urged him to take in <a href="https://www.wsj.com/articles/how-trump-can-deliver-tax-relief-without-congress-11596396830">a Wall Street Journal opinion piece published on Sunday. </a>Republicans rejected the payroll tax cut <a href="https://www.businessinsider.com/senate-republicans-tossing-out-payroll-tax-cut-trump-stimulus-checks-2020-7">last month.</a>Those measures on unemployment and evictions were implemented under the economic relief package enacted in March. But they expired in late July, and Congress hasn't extended them. It's not clear how the White House could circumvent Congress on the matter, but the administration has <a href="https://www.businessinsider.com/trumps-executive-power-weakens-conservative-agenda-democrat-2019-8">pushed the boundaries of executive power</a> over the past three years.The White House did not immediately respond to a request for comment.Read more: <a href="https://www.businessinsider.com/federal-reserve-coronavirus-crisis-response-insolvency-risk-impact-wells-fargo-2020-8" target="_blank" rel="noopener">Wells Fargo lays out a plausible scenario where the Fed becomes insolvent — and breaks down the catastrophic effect that would have on the bank's ability to handle future crises</a>Discussions on a spending package between White House officials and top congressional Democrats are at an impasse on unemployment insurance, <a href="https://www.nytimes.com/2020/08/02/us/politics/coronavirus-jobless-aid.html?action=click&amp;module=RelatedLinks&amp;pgtype=Article=Article">The New York Times reported on Sunday</a>.Republicans unveiled their $1 trillion spending package four days before the $600 federal unemployment benefit ended on Friday. They proposed <a href="https://www.businessinsider.com/unemployment-benefits-how-much-cut-each-state-gop-plan-stimulus-2020-7">cutting the benefit to $200 a week for two months</a> and designing a 70% wage-replacement program to start in October.But Democrats want to extend the $600 supplementary payments — that was part of their $3 trillion spending package that the House passed in mid-May. They also <a href="https://www.nbcnews.com/politics/congress/senate-republican-coronavirus-aid-plan-excludes-evictions-moratorium-n1235108">approved a year-long extension</a> of the eviction moratorium.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-best-growth-tech-companies-future-ubs-2020-8" target="_blank" rel="noopener">These 16 global stocks have at least 20% upside in the next year — and they'll continue to thrive as COVID-19 accelerates a crucial technological shift, UBS says</a>Nearly 30 million Americans are receiving <keyword id="414451" type="PERSON" weightage="60" keywordseo="unemployment-benefits">unemployment benefits</keyword>, <a href="https://www.dol.gov/ui/data.pdf">per the Labor Department</a>.GOP lawmakers proposed a skinny bill that would deal only with unemployment benefits and the moratorium on evictions. Democrats rejected it and are pushing to pass their more expansive legislation to address a range of healthcare and economic priorities like emergency fiscal aid to states.Senate Minority Leader Chuck Schumer, House Speaker Nancy Pelosi, Treasury Secretary Steven Mnuchin, and the White House chief of staff, Mark Meadows, met on Saturday to continue the talks. But a deal remains elusive, <a href="https://www.businessinsider.com/pelosi-and-mnuchin-torn-over-expanding-unemployment-boost-2020-8">Pelosi told ABC News on Sunday</a>."The fact is we will be close to an agreement when we have an agreement," Pelosi said.Read more: <a href="https://www.businessinsider.com/next-stock-market-crash-risks-after-coronavirus-vaccine-discovered-socgen-2020-7" target="_blank" rel="noopener">A Wall Street quant chief breaks down why a COVID-19 vaccine is not the silver bullet investors have been hoping for — and warns another stock-market meltdown is likely</a>

The Trump administration is considering unilateral action on enhanced unemployment benefits and an eviction moratorium if no deal is struck with Congress

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RBI 3-month EMI moratorium could provide Rs 2.1 lakh cr liquidity to Cos

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RBI exempts accounts with moratorium benefits from asset recognition norms for 90 days

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Kudlow says next round of coronavirus relief will include $1,200 checks and extension of eviction moratorium

Carmen Reinicke

About 20% SBI borrowers avail loan repayment moratorium: Chairman

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About 20% SBI borrowers opt for loan repayment moratorium: Chairman

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Biden helps more than 10 million homeowners by extending the foreclosure moratorium through June

Ayelet Sheffey

Nearly 6 million Americans — roughly equivalent to the entire population of Singapore — are threatened by eviction and foreclosure this month

Taylor Borden

Housing advocates warn that as the federal eviction moratorium ends, people of color are most at risk of being left without a home

Sarah Al-Arshani

Biden was like the rest of us: He thought life was going back to normal until the Delta variant hit

Juliana Kaplan

The Trump administration is considering unilateral action on enhanced unemployment benefits and an eviction moratorium if no deal is struck with Congress

Joseph Zeballos-Roig

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