In an address to the nation on Wednesday night, President Donald Trump announced several major plans to mitigate the impact of the coronavirus (COVID-19) on the nation and its workers. President Trump announced that in order to prevent new cases, travel from Europe to the United States will be suspended for 30 days, effective Friday at midnight.
"Smart action today will prevent the spread of the virus tomorrow," the President stated.
Insurance companies will also be waiving copayments on coronavirus treatments and extend payments for these treatments. President Trump also announced his plan for workers who will need to be staying home.
"I will soon be taking emergency action, which is unprecedented, to provide financial relief," President Trump said. "This will be targeted at workers who are ill, quarantined, or caring for others due to coronavirus."
President Trump is also instructing the small business administration to provide capital liquidity to affected firms, and he stated he will be 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 individuals or businesses negatively impacted," the President stated.
According to President Trump, the U.S. economy is well-positioned to handle the crisis. The CEOs of the nation's largest banks met with President Trump Wednesday, discussing the next steps and a plan of action to combat growing concerns surrounding COVID-19, according to CNBC.
Bank of America CEO Brian Moynihan said the banks are in a "great position" with plenty of capital and liquidity. He added the banks are looking to help all Americans and offer relief to consumers, especially to those who have been forced to be out of work due to the disease.
Moynihan added that people are still spending money in today's economy.
"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," President Trump stated.
I am fully prepared to use the full power of the Federal Government to deal with our current challenge of the CoronaVirus!
— Donald J. Trump (@realDonaldTrump) March 11, 2020