President Donald Trump has announced he will instruct the Treasury Department to allow individuals and businesses negatively affected by the coronavirus to defer their tax payments beyond the April 15 filing deadline.

In an address Wednesday night from the Oval Office, Trump said he would use his emergency authority to defer tax payments for taxpayers and businesses who have suffered adverse effects from the spreading virus.

"Using emergency authority, I will be instructing the Treasury Department to defer tax payments, without interest or penalties, for certain individuals and businesses negatively impacted," Trump said. "This action will provide more than $200 billion of additional liquidity to the economy."