President Trump has taken on providing economic relief to all Americans who need it during the CoronaVirus pandemic. The $350 billion Paycheck Protection Program, part of the economic relief package signed into law last week, makes sure workers continue to receive paychecks by forgiving loans if they go towards keeping workers employed.
Over $1 billion on forgivable PPP loans have already been processed helping families nationwide. Over 10 million people in the last 2 weeks have filed for unemployment benefits due to the CoronaVirus pandemic. This will enable small businesses nationwide to keep workers on their payroll and support other business operating expenses such as rent, utilities, and mortgage interest. The vast majority of these processed loans have been small community banks serving the community.
The Trump Administration is delivering financial assistance for small businesses across the country to be able to easily access and tap into their funds. This will bring relief to millions of small businesses so they can sustain their businesses and people can keep their jobs.
“This legislation provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed,” said Secretary Mnuchin. “Treasury and the Small Business Administration expect to have this program up and running by April 3rd so that businesses can go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day. The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses.”
This program is following a series of steps initiated by President Trump’s Emergency Declaration to expeditiously provide capital to financially distressed businesses affected by the Corona Virus Pandemic.
More than $1.8 billion worth of forgivable loans were issued through the program in its first day of operation, Treasury Secretary Steven Mnuchin tweeted. Because of its success President Donald Trump tweeted that PPP is “way ahead of schedule,” and that he would be immediately asking Congress for more money to boost the program.
The loans would be completely forgiven for eight weeks and covered by the federal taxpayer assuming certain conditions, such as a requirement that at least 75% of the money borrowed went directly to cover payrolls so paychecks would keep flowing even if the store was shuttered.
So while Democrats play politics, the Trump Administration is working endlessly to provide economic relief to affected Americans and keep small businesses afloat. President Trump also directed the Treasury Department to defer tax payments for affected individuals & businesses, & provide $200 billion in “additional liquidity.” They put a pause on interest payments on federal student loans and signed the Families First Coronavirus Response Act which provides free testing and paid sick leave for workers impacted by the CoronaVirus.
On March 25 President Trump also signed a bill reauthorizing The Older Americans Act which supports senior citizens by providing meals, transportation, and other crucial services. On March 27 he signed the Coronavirus Aid, Relief, and Economic Security Act into law as well as working with Italy to send medical supplies and support the global economy.
Whether or not people want to believe it, things are happening. The Trump Administration is working endlessly to support the American families, their businesses, and protecting the workers paycheck. Economic relief is right around the corner.