Politics
President Trump: More Than $70 Billion Has Been Processed for Small Business Loans
The Small Business Administration has processed more than $70 billion in loans for small businesses affected by the coronavirus. President Trump revealed the news at a task force briefing.
“As of today, small business has processed more than $70 billion in guaranteed loans and will provide much-needed relief for nearly a quarter of a million businesses already,” the president said. “So we are going to be providing tremendous amounts of money to the small businesses of our country who have been absolutely clobbered, he continued. “They'll be keeping open and they'll be paying their employees and they'll be all set to go,” he added.
The president acknowledged a number of banks for their efforts to provide aid to American employers and employees. These include Goldman Sachs, Bank of America, Wells Fargo, and Citigroup. It also includes Visa, Mastercard, and Grand Rapids State Bank.
"We're seeing the light at the end of the tunnel," says Pres Trump at start of meeting on the Paycheck Protection Program to enable small businesses to keep workers on the payroll. Says $70-billion in loans already processed for a quarter million businesses. pic.twitter.com/hYf16q8nFN
— Mark Knoller (@markknoller) April 7, 2020
According to Trump, he will also request an additional $250 billion from Congress for the paycheck protection program. This is to “help keep Americans employed to facilitate a quick and full recovery.”
“Thanks to the hard work of small businesses and lenders, billions of dollars have already landed and tens of billions more are already in the pipeline,” Senate Majority Leader Mitch McConnell said. “Jobs are literally being saved as we speak,” he continued. However, he also said it's clear that Congress needs to approve more funding. If it doesn't, this “crucial project” may come to a halt. “That cannot happen,” he emphasized.
McConnell also said he will “work with Senate Minority Leader Chuck Schumer and Treasury Secretary Steven Mnuchin to approve additional funding for the program by Thursday.”
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