During National Financial Capability Month, we recognize the importance of financial literacy to a free and prosperous society, and we commit to ensuring that all Americans have the resources they need to make informed financial choices and provide opportunities for a brighter and more secure future.
Small businesses are the backbone of our economy and workforce. As we continue to face the challenges posed by the coronavirus pandemic, my Administration is working tirelessly to ensure that individuals and business owners have the information they need to overcome recent hardships. I am continuing to take concrete actions to protect the American economy and the hardworking men and women of our Nation. Last week, I signed legislation to provide historic economic relief to small businesses and workers, including $350 billion in job retention loans that will be forgiven if workers are paid. Additionally, at my instruction, the Small Business Administration (SBA) is actively working to respond to and assist small business owners in alleviating their financial burdens to help them and their employees recover from this pandemic. From providing targeted financial assistance to supplying helpful tips and best practices, the SBA is helping America’s small businesses navigate this pandemic and ultimately thrive.
Furthermore, to ensure that Americans have financial flexibility for the next several months, the Department of the Treasury and the Internal Revenue Service are moving this year’s Tax Day from April 15 to July 15. All taxpayers, individuals, and businesses will have this additional time to file and make payments without interest or penalties.
This month, as we continue to come together as one Nation, we will use every tool at our disposal to create an economic environment that will benefit all Americans. There are resources available to you and your family through the Department of the Treasury’s website that will help you make sound financial decisions in these uncertain times. Financial literacy is critical throughout all stages of adulthood, especially during crises and unexpected life events.
Throughout this National Financial Capability Month and in the months ahead, I encourage all Americans to seek ways in which they can further develop and enhance their financial skill sets and position themselves for success. Together, we will improve our personal financial literacy and help secure a brighter, more prosperous future for all generations.