https://arstechnica.com/science/2020/08/fda-gives-blood-plasma-emergency-use-authorization-for-covid-19-treatment/

Today, President Trump held a news conference to announce that the FDA has granted an Emergency Use Authorization for the treatment of COVID-19 cases using blood plasma from those formerly infected. The move comes despite significant uncertainty regarding just how effective this treatment is, and comes just days after Trump attacked the FDA for delaying its work as part of a plot to sabotage his re-election.

Plasma is the liquid portion of the blood, which (among other things) contains antibodies. It has been used to treat other infections, as some antibodies can be capable of neutralizing the infecting pathogen—binding to the bacteria or virus in a way that prevents it from entering cells. Early studies have indicated that it's relatively common for those who have had a SARS-CoV-2 infection to generate antibodies that can neutralize the virus in lab tests, although the antibody response to the virus is also highly variable.