Coronavirus in the US: Trump exempts Americans from taxes

Coronavirus in the US: Trump exempts Americans from taxes

The US will provide citizens, small and medium businesses with three-month tax breaks.

United States President Donald Trump said the decision was made to smooth the economic impact of the COVID-19 coronavirus, the White House said.

The report also said Trump plans to entrust the Small Business Administration with using its existing powers to provide capital and liquidity to firms affected by the coronavirus. The agency will provide cheap loans to companies in the affected industries.

In addition, the US president is going to appeal to Congress to increase funding for the SBA lending program by an additional $50 billion.

The Treasury Department will be charged with suspending tax collection from some of the most affected individuals and corporations, without levying further penalties, which should provide the economy with additional liquidity in excess of $200 billion.

The president also called on Congress to immediately introduce a payroll tax relief. Trump added that he will adopt emergency measures to provide financial assistance to workers who are ill, quarantined or care for others through the coronavirus in the near future.

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