President Trump is Providing Critical Financial Relief to Our Nation’s Small Businesses Through The Paycheck Protection Program
- The Paycheck Protection Program is providing nearly $350 billion in loans to small businesses.
- Certain non-profits, self-employed individuals, and independent contractors are also eligible for these loans.
- Small businesses can qualify for a loan of up to $10 million, based on their payroll expenses.
- If an employer maintains their workforce, the SBA will forgive the portion of the loan used to cover the first 8 weeks of payroll and certain other expenses.
- The Administration is working with banks so small businesses will be able to go directly to their local lenders to access these loans.
The Administration is offering enhanced Economic Injury Disaster Loans for businesses that are facing a loss of revenue as a result of the coronavirus.
- SBA’s Economic Injury Disaster Loans can provide up to $2 million in long-term, low-interest loans to help small businesses overcome a loss of revenue due to the coronavirus.
- Small businesses are eligible to apply for an advance of up to $10,000, providing rapid assistance to help them cover critical expenses.
- SBA has streamlined the application process for these loans to make it easier for small businesses.
SBA’s Debt Relief program will help alleviate the financial burden on small businesses.
- Thanks to the economic relief legislation signed by the President, the SBA will forgive payments on most new and existing loans for up to 6 months.
- This debt relief will provide a lifeline to many small businesses as they work to overcome the challenges created by this health crisis.
In addition to these expanded measures, small businesses can still receive financial relief through the SBA’s traditional loan programs.
- Small businesses can access SBA’s 7(a) loan program, which provides loans of up to $5 million to cover eligible expenses.
- SBA’s express loan program offers qualified loans up to $350,000.
- Through the SBA’s Community Advantage loan pilot program, mission-based lenders can assist small businesses in underserved markets with loans of up to $250,000.
- The SBA provides export loans to help small businesses achieve sales and respond to challenges such as the coronavirus that impact trade.
Trump Without the FAKE NEWS “Interpretation” ie: “Lies”
PAYCHECK PROTECTION PROGRAM FOR SMALL BUSINESSES
PRESIDENT TRUMP: “We’re also racing to get relief to American workers and small businesses. I want to remind small business owners across America that the Paycheck Protection Program is launching tomorrow.”
PRESIDENT TRUMP: “Nearly $350 billion in loans will be available to small businesses, including sole proprietors. These loans are up to 100% forgivable, as long as employers keep paying their workers.”
SBA ADMINISTRATOR CARRANZA: “This relief will help stabilize the small business sector by providing businesses with the financial resources they need to keep their workers employed and keep up with their day-to-day operating expenses.”
SBA ADMINISTRATOR CARRANZA: “Paycheck Protection Program is in addition to substantial work that the SBA has and will continue to do to help small businesses, including providing advances on SBA disaster loans and forgiving existing SBA loan payments over the next six months.”
DIRECT PAYMENTS FOR AMERICANS
PRESIDENT TRUMP: “We want Social Security beneficiaries to know that if they are typically not required to file a tax return, they don’t have to file one in order to receive the direct cash payments that will soon be distributed to American citizens. The Treasury will deposit the money directly into the bank accounts.”
SECRETARY MNUCHIN: “I’m pleased to report that within two weeks the first payments will be direct deposit into taxpayers’ account.”
DEFENSE PRODUCTION ACT
PRESIDENT TRUMP: “Moments ago, I directed Secretary Azar and Acting Secretary Wolf to use any and all available authority under the Defense Production Act to ensure that domestic manufacturers have the supplies they need to produce ventilators for patients with severe cases of COVID-19.”
PRESIDENT TRUMP: “I’ve just signed against 3M for face masks, we just signed an element of the act against 3M, and hopefully they’ll be able to do what they are supposed to do.”
PRESIDENT TRUMP: “We anticipate issuing more orders under the Defense Production Act in the very near future.”
ASSISTANT TO THE PRESIDENT PETER NAVARRO: “What we have essentially is a nation at war. We have a war time President standing behind me. The Defense Production Act is one of the most powerful weapons this administration can use to fight the invisible enemy of the virus.”
GETTING MEDICAL SUPPLIES TO WHERE THEY ARE NEEDED
SENIOR ADVISOR TO THE PRESIDENT JARED KUSHNER: “The Task Force has been working very hard through the FEMA group with Admiral Polowczyk to make sure that we’re getting the supplies to people before they run out and making sure that we’re doing it in a proper way.”
SENIOR ADVISOR TO THE PRESIDENT JARED KUSHNER: “What the President asked is that all of the recommendations that we make be based on data. He wanted us to be very rigorous. To make sure that we were studying the data, collecting data.”
SENIOR ADVISOR TO THE PRESIDENT JARED KUSHNER: “The President also instructed me to make sure that I break down every barrier needed to make sure that the teams can succeed. This is an effort where the government is doing things that the government doesn’t normally do. We’re stretching. We’re acting very quickly. And the President wants to make sure that the White House is fully behind the different people running the different lines of effort to make sure that we get everything done in a speed that the President demands.”
REAR ADM. POLOWCZYK: “27.1 million surgical masks pushed out to state governments. For N-95 masks, 19.5 million N95 masks. So, if I was, if I was in a local hospital that was running short, I would, I would look upward. Because the federal government has pushed out resources.”
REAR ADM. POLOWCZYK: “So, for protective gloves, 22.4 million. 22.4 million pairs of protective gloves. For face shields, 5.2 million face shields. For ventilators, we have pushed to the states more than 7,600 ventilators.”
REAR ADM. POLOWCZYK: “We are going to, over the next several months, by the end of June, work to acquire 100,000 [ventilators].”
ASSISTANT TO THE PRESIDENT PETER NAVARRO: “Tomorrow we’re bringing that order and what it’s going do, it’s going to empower Customs and Border Protection with the help of people like the Post Office and express mail consignors like UPS to basically deal with that issue.”
ASSISTANCE TO NEW YORK
PRESIDENT TRUMP: “FEMA continues to deliver resources to areas most affected by the virus, including New York. On top of the 3,000 beds we’re already providing to the Javits Center, the Department of Defense is adding another 48 ICU beds.”
PRESIDENT TRUMP: “So we’re going to be converting [Javits Center] to a Covid-19 hospital. And it’s going to be staffed by the military and by the Federal government.”
PRESIDENT TRUMP: “To date, FEMA has delivered four million N-95 masks … 1.8 million surgical masks, 460,000 face shields, 1.4 million gloves and 4,400 ventilators just to the city and to the state of New York.”
UPDATE ON TESTING
PRESIDENT TRUMP: “We’re now conducting well over 100,000 coronavirus tests per day.”
PRESIDENT TRUMP: “The FDA has also authorized the first coronavirus antibody test, developed by Cellex, a key step that will help identify people who have recovered and to understand their immune response and their immune system.”
VICE PRESIDENT PENCE: “At the present moment, more than 1.3 million tests have been performed and as you all are aware, some 236,000 Americans have tested positive for the coronavirus.”
PRESIDENT TRUMP: “We are going to be coming out with regulations on [wearing masks] and if people want to abide by them, frankly. I don’t think they’ll be mandatory, because some people don’t want to do that.”
DR. BIRX: “So, when the advisory comes out it will be an additive piece, if it comes out. Rather than saying this is a substitute for. And we want to make sure everybody understands it is not a substitute for the presidential guidelines that have already gone out and to be absolutely clear about that.”
PRESIDENT TRUMP: “Today we’re further recommending that all nursing home facilities assign the same staff to care for the same group of residents consistently to minimize any potential spread. And we’re also urging facilities to designate separate areas for healthy and sick residents.”