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John Wang
in
Legal
March 13 18:27

US will waive taxes and loan US$50 billion to small businesses

The relief is undermined by the travel ban.
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The US government has announced, that individuals and SMBs will get a tax break for three months to tackle the consequences. Small businesses are also eligible for the low-interest loans from a US$50 billion fund. 
The Small Business Authority has been instructed to support entrepreneurs in the sectors most affected by the pandemic.  The reserve dedicated for the loans amounts to US$50 billion - two times more than the Authority’s lending program brought in last year. Federal income taxes can be waived for three months.
The measures are supposed to keep up the liquidity of the markets and help the investors regain their confidence while the stock markets keep falling. However, the effect has been somewhat undermined by the announcement of ban on travel from Europe. It is yet unclear whether the ban includes cargo delivery.