WASHINGTON, D.C. – The Trump administration says it will allow individuals and businesses to delay paying their tax bills for 90 days past the April 15 deadline.
It’s part of an effort to inject as much as $300 billion into the economy at a time when the country is in danger of being pushed into a recession by the coronavirus.
Treasury Secretary Steve Mnuchin is encouraging Americans who can to file their taxes on or before April 15 to do so that they don’t lose out on their tax refunds.
But Mnuchin says that if Americans owe the IRS money, they can defer up to $1 million for individuals and $10 million for corporations without interest and penalties for 90 days.
The delay on payments applies to federal returns. Americans will want to double-check their state’s tax deadlines to see if there are any delays applied.
The White House is also hoping to send stimulus checks directly to people as the nation grapples with the pandemic.
President Donald Trump and Mnuchin said during a White House briefing that they want to send checks to Americans in the next two weeks in an effort to curb the economic impact.
Across the United States, over 4,660 people have been infected by the COVID-19 virus and 95 people have died.