Trump: SBA Will Be Providing $50 Billion in Economic Loans for Businesses Negatively Impacted By Coronavirus

‘This action will provide more than $200 million of additional liquidity to the economy’

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EXCERPT:

TRUMP: “This is not a financial crisis. This is just a temporary moment of time that we will overcome together as a nation and as a world. However, to provide extra support for American workers, families, and businesses, tonight I am announcing the following additional actions. I am instructing the Small Business Administration to exercise available authority to provide capital and liquidity to firms affected by the coronavirus. Effective immediately, the SBA will begin providing economic loans in affected states and territories. These low interest rate loans will help small businesses overcome temporary economic disruptions caused by the virus. To this end, I am asking Congress to increase funding for this program by an additional $50 billion. 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. This action will provide more than $200 billion of additional liquidity to the economy.”

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