U.S. will loan $50 billion to small businesses, defer taxes to fight coronavirus, Trump says Follow the latest news on coronavirus with our live blog:
U.S. President Donald Trump's televised address to the nation is pictured in the bar at A Pizza Mart, in Seattle, Washington, U.S. March 11, 2020. REUTERS/Jason Redmond
Trump said he would instruct the Small Business Administration , a government agency, “to exercise available authority to provide capital and liquidity to firms affected by the coronavirus.” 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 madeHe 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.
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