The Trump administration is working on plans to delay the April 15 federal tax deadline for most individual taxpayers as well as small businesses.
Treasury Secretary Steven Mnuchin told Congress on Wednesday that the administration is "looking at providing relief to certain taxpayers and small businesses who will be able to get extensions on their taxes."
Mnuchin said the administration believes this 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.
He told Congress that the administration could grant the tax delay without having to go to Congress for approval. A formal announcement should come soon, he said.