- President Donald Trump said his administration will be working with members of Congress to roll out a potential payroll tax cut to support those impacted by the coronavirus outbreak.
- He said he would create loans to assist small and large businesses, including that in the airline, cruise and hotel industry, who have bore the brunt of the outbreak.
- The stock market took a major tumble on Monday, with the Dow Jones Industrial having its largest drop since 2008.
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President Donald Trump said his administration will be working with members of Congress to potentially roll out a payroll tax cut and other economic relief plans to support those impacted by the coronavirus outbreak.
The president spoke at a press conference with his coronavirus task force to address how the administration plans to move forward as the coronavirus continues to rapidly spread on a global scale. The outbreak has been viewed as an apparent factor in a major drop in the stock market that also happened on Monday, with the Dow Jones Industrial having its largest drop since 2008.
Trump said he plans to offer “very substantial relief” to the airline, cruise, and hotel industries, as well as hourly wage earners and small businesses — all of which have bore the brunt of the economic fallout of the outbreak.
A number of precautionary measures, including recommendations not to travel to certain countries and refunding consumer cancellations, has had repercussions on various companies.
“This was something that we were thrown into, and we’re going to handle it, and we have been handling it very well,” the president said during the briefing.
As of Monday, the coronavirus has killed nearly 4,000 and infected more than 113,000 worldwide. The US has more than 600 confirmed cases, as well as 26 deaths nationwide.
At the briefing, Trump said the administration was also looking into creating loans to support small and large companies whose business has taken a toll from the outbreak.