American taxpayers will receive an extra three months to file their federal tax returns, according to U.S. Treasury Secretary Steven Mnuchin Friday morning.

covid-19 newsThe extension from April 15 to July 15 comes in response to the COVID-19 (coronavirus) outbreak across the country, and it will allow individuals and businesses extra time to get assistance and make payments without interest or penalties, a story in the Chicago Tribune reported.

Earlier in the week, the Trump administration indicated an extension might be coming, although some tax and money experts disagreed whether the extension would have a positive effect on the economy. Find out more about how the change could benefit you.