|
It
will also give affected companies $50 billion more in
low-interest loans, he said.
The moves, designed to keep markets liquid and businesses and
consumers spending, were overshadowed by Trump's announcement
that the U.S. would suspend travel from Europe for 30 days, and
confusion over whether he had said cargo would be banned as
well.
Trump said he would instruct the Small Business Administration
(SBA), a government agency, "to exercise available authority to
provide capital and liquidity to firms affected by the
coronavirus."
Effective immediately, he said, the agency would provide
low-interest loans to companies in affected areas.
He said he would ask Congress to increase funding for the SBA
lending program to $50 billion. That would be more than double
the amount of loans the SBA's flagship lending program made
https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/sba-small-business-lending-reflects-strong-economic-trends
in fiscal year 2019.
He also said that some people and businesses would be able to
defer paying their federal income taxes, normally due April 15,
for three months, with no penalties.
"Using emergency authority, I will be instructing the Treasury
Department to defer tax payments without interest or penalties
for certain individuals and businesses negatively impacted," he
said.
The pledge echoes testimony from Treasury Secretary Steven
Mnuchin to Congress today. Deferring taxes could put another
$200 billion into the U.S. economy, both Trump and Mnuchin said,
but didn't elaborate on how that was calculated.
(Reporting by Heather Timmons. Editing by Gerry Doyle)
[© 2020 Thomson Reuters. All rights
reserved.] Copyright 2020 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
