In an address from the Oval Office, the President said “I will be instructing the Treasury Department to defer tax payments without interest or penalties for individuals and businesses.”

Steve Mnuchin, the Treasury Secretary, today gave further details by announcing that the new deadline is July 15, 2020. This extension gives taxpayers an extra three months to pay their taxes.

The move announced by Treasury Secretary is the latest in a series of highly unusual, emergency measures to deal with the financial fallout of the coronavirus pandemic.

The Treasury Secretary told Congress that the payment delay would have the effect of putting more than $200 billion back into the economy that would otherwise go to paying taxes next month.

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