Treasury Secretary Steven Mnuchin announced that the Trump administration decided to move the income filing date from April 15 to July 15.
In a tweet posted on Friday, Mnuchin said that The President’s direction, “we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
He also urged “all taxpayers who may have tax refunds to file now to get your money.”
Americans will not have to face any penalties for the delay, but may file sooner is they want to claim refunds.
Earlier in the week, Mnuchin stated that individual and small business filers may defer payments of up to $1 million, while corporations may defer up to $10 million without any interests or penalties.
On top of this, taxpayers can will request a six-month extension to file returns just like any other year.
The decision also applies to businesses who were heavily affected the coronavirus pandemic, as many businesses were forced to close their doors or saw a steep decline in their revenue.
The Trump administration wants the Americans to keep spending money; hence, they are taking steps to curb the economic impact of the pandemic.
Such measures include giving cash directly to American workers and approve huge loans to industries affected by the outbreak.
Another measure being talked about was about a $1 trillion package as proposed by Senate Majority Leader Mitch McConnell.
Other measures include additional changes to the tax code, which includes the deductibility of charity contributions.
President Donald Trump also sought out ways to minimize the economic impact on his own.
Just recently, he signed a package that would expand paid sick leave for workers, which will allow them to remain at home if they become infected by the virus.