President Trump said during his Oval Office address tonight that he would be providing emergency economic relief for Americans impacted by the novel coronavirus.
“To ensure that working Americans who are impacted by the virus can stay home without fear of financial hardship, I will soon be taking emergency action, which is unprecedented, to provide financial relief. This will be targeted for workers who are ill, quarantined or caring for others due to coronavirus. I will be asking Congress to take legislative action to extend this relief,” Trump said.
The President tried to reassure that “this is not a financial crisis.”
“This is a just a temporary moment of time that we will overcome as a nation and as a world,” he continued.
The President announced additional actions, some of which has been previously known.
“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 to providing economic loans in effected states and territories. These low interest loans will help small businesses overcome temporary economic disruptions caused by the virus,” Trump said.
The President said he would be requesting Congress increase funding for this program by $50 billion.