“I’m confident our convention planning team and our partners will find a way to deliver a convention in Milwaukee this summer that places our Democratic nominee on the path to victory in November,” convention CEO Joe Solmonese said in a statement Thursday.

In addition to postponing, DNC officials are discussing ways to scale back the convention. The committee is not flush with cash and wants to avoid the appearance of throwing a big party in the midst of a severe economic downturn.

“People are going to be hurting,” a DNC official said. “It’s not a time be lavish.”

While there has been talk about having a virtual convention, party officials and Biden — the presumptive nominee – would like to have a live event as long as it can be done safely, according to sources with the DNC and one with Biden’s campaign.

“Joe earned this and we do want something to mark that, but it’s really complicated,” the Biden campaign source said.

The DNC’s decision drew praise from officials involved in the convention planning.

Alex Lasry, senior vice president of the Milwaukee Bucks and a leader of the Milwaukee convention bid, told POLITICO: ““This is the right decision for the safety of those involved in the convention and for Milwaukee. An August convention will provide a much-needed economic boost for Milwaukee and Wisconsin as we come out of this unprecedented time.”

Biden all but sealed the decision during an appearance on "The Tonight Show" with Jimmy Fallon Wednesday night.

"I doubt whether the Democratic Convention is going to be held in mid July or early July — I think it's gonna have to move into August," Biden said.