- Title: Trump announces new economic measures amid coronavirus pandemic
- Date: 12th March 2020
- Summary: WASHINGTON, D.C., UNITED STATES (MARCH 11, 2020) (UNRESTRICTED POOL) (SOUNDBITE) (English) UNITED STATES PRESIDENT DONALD TRUMP, SAYING: "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 (SBA) 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 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 dollars 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 two hundred billion dollars of additional liquidity to the economy. Finally, I am calling on Congress to provide Americans with immediate payroll tax relief. Hopefully they will consider this very strongly. We are at a critical time in the fight against the virus. We made a lifesaving move with early action on China. Now we must take the same action with Europe. We will not delay. I will never hesitate to take any necessary steps to protect the lives, health and safety of the American people. I will always put the well-being of America first. If we are vigilant and we can reduce the chance of infection, which we will, we will significantly impede the transmission of the virus. The virus will not have a chance against us. No nation is more prepared or more resilient than the United States. We have the best economy, the most advanced health care, and the most talented doctors, scientists and researchers anywhere in the world. We are all in this together. We must put politics aside, stop the partisanship and unify together as one nation and one family. As history has proven time and time again, Americans always rise to the challenge and overcome adversity. Our future remains brighter than anyone can imagine. Acting with compassion and love, we will heal the sick, care for those in need, help our fellow citizens and emerge from this challenge stronger and more unified than ever before. God bless you and God bless America. Thank you."
- Embargoed: 26th March 2020 01:32
- Keywords: Covid-19 Donald Trump Oval Office address to the nation coronavirus
- Location: WASHINGTON D.C. UNITED STATES
- City: WASHINGTON D.C. UNITED STATES
- Country: USA
- Topics: Health/Medicine
- Reuters ID: LVA001C4QY53B
- Aspect Ratio: 16:9
- Story Text: U.S. President Donald Trump announced on Wednesday (March 11) the United States will implement additional economic actions to combat the coronavirus pandemic.
"Effective immediately, the SBA (Small Business Administration) will begin providing economic loans in affected states and territories. These low interest loans will help small businesses overcome temporary economic disruptions caused by the virus," Trump said during a televised address to the American people.
The president, who faces re-election in November, spoke in a somber Oval Office speech as he battles to address the health and economic shocks to Americans and responds to mounting criticism that he has underplayed the threat from the mushrooming coronavirus crisis.
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