Amid the growing fears of the spread of the COVID-19, President Donald Trump issued a 30-day travel ban between the European Union and the United States. In his Wednesday evening address, the President announced that this ban will also apply to any and all cargo and freight transportation.
The new rules will go into effect Friday at midnight,” President Trump said. “These restrictions will be adjusted subject to conditions on the ground.” The President also noted that there will be exemptions for Americans who are currently in Europe and have undergone appropriate Coronavirus screenings.
Trump’s address came hours after the World Health Organization (WHO) declared a global pandemic and the number of coronavirus patients in the U.S. increased to over 1000.
The President also announced that he’s looking to the Congress, the Treasury Department, and the Small Business Administration to come up with tactics to stimulate the economy in the midst of international chaos.
President Trump said that he would be authorizing the Small Business Administration to issue $50 billion worth of loans to compensate businesses whose income will be impacted by this ban. Congress will need to approve the funding boost before it goes into effect.
“Using emergency authority, I will be instructing the Treasury Department to defer tax payments without interest or penalties,” the President added. “This action will provide more than $200 billion of additional liquidity to the economy.”