WATCH: Mnuchin says Trump to allow individuals, businesses to defer tax payments in wake of coronavirus

Per Marketwatch, Treasury Secretary Steven Mnuchin on Tuesday said President Donald Trump has authorized the deferral of $300 billion in payments to the IRS.

Mnuchin said if individuals owe a payment, they can defer up to $1 million, and corporations may defer $10 million. The deferrals will be penalty-free for 90 days as the U.S. grapples with the coronavirus crisis.

The Hill reports Mnuchin argued in a press conference that the move would amount to a deferral of $300 billion, saying that’s “an enormous amount of liquidity in the system.”

Mnuchin also encouraged Americans who can file their taxes by the April 15 deadline to still do so.

“For many Americans, you will get tax refunds, and we don’t want you to lose out on those tax refunds,” he said.

Typically, about 70 percent of individuals receive refunds.

Mnuchin’s announcement comes after Trump said in an Oval Office address last week that he was instructing the Treasury Department to defer tax payments for individuals and businesses impacted by the coronavirus.

Lawmakers on both sides of the aisle have been pressing Treasury to extend tax deadlines, arguing that doing so could ease financial burdens for individuals and small businesses. Tax professionals have said that extensions could also help tax preparers who can’t work from their offices because of the coronavirus.