At last night’s briefing with the White House Coronavirus Task Force, President Trump, Treasury Secretary Steven Mnuchin, and Small Business Administration (SBA) Administrator Jovida Carranza outlined the launch of the Paycheck Protection Program which – STARTING TODAY – will help small businesses to keep their employees on payroll.
The Paycheck Protection Program (PPP), a provision of the CARES Act, provides relief in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities.
Small businesses looking to receive PPP loans can apply through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
At last night’s White House Coronavirus Task Force Briefing, President Trump, Secretary Mnuchin, and Administrator Carranza detailed how the program will work and why it will help millions of small business owners.
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. . .These loans are up to 100% forgivable, as long as employers keep paying their workers.”
SECRETARY MNUCHIN: “We’ve heard feedback from lenders, community banks, regional banks, and we’ve spent the last 24 hours making this system even easier. This will be up and running tomorrow. I encourage all small businesses that have 500 or fewer people, please contact your lenders. Any FDIC institution will be able to do this. Any credit union, existing SBA lenders, and FinTech lenders. You get the money, you’ll get it the same day. You can use this to pay your workers. Please bring your workers back to work if you let them go. You have eight weeks plus overhead. This is a very important program.”
ADMINISTRATOR CARRANZA: “SBA will forgive the portion of the loan that is used toward job-retention and certain other expenses. We are working closely with lenders so that businesses can go directly to their local lenders. Paycheck Protection 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.”
The information below provides important background to know about the program’s launch today:
- Coronavirus.gov Small Business Resources Page
- Treasury Department Overview On The Paycheck Protection Program
- SBA.gov/Coronavirus Small Business Guidance & Loan Resources Page
Click here to access the Paycheck Protection Program Application: https://bit.ly/39J7S0G
Update On Economic Impact Payments:
In addition to the launch of the PPP today, Treasury Secretary Mnuchin also updated the country about the progress being made to distribute Economic Impact Payments to Americans who qualify.
The President said at yesterday’s briefing that Social Security recipients who do not file a tax return will not have to file one in order to receive a direct cash payment. He also said that the the Treasury Department will, “deposit the money directly into the bank accounts.”
Secretary Mnuchin added that he expects the first payments will be directly deposited into taxpayers’ bank accounts, “within two weeks.”
Click here for information to know about how those payments are designed to work and see below:
Nancy Pelosi’s Partisanship Continues
Since the outbreak of this crisis in the United States, House Speaker Nancy Pelosi has repeatedly sought to play politics, instead of working across the aisle to defeat this virus. During negotiations over phase three of coronavirus response legislation, the Speaker proposed her own radical bill with far-left policies that had nothing to do with defeating the virus or helping Americans who have been hurt economically, because she wanted to use this emergency as an opportunity to implement her partisan agenda.
Already, she has called for more legislation, saying that, “we couldn’t get everything we wanted in the other bill, let’s begin to go down this path,” in hopes of still using this crisis to implement her base’s wish list of left-wing ideas.
Now, in the middle of a life and death situation, her announcement calling for a new congressional committee makes clear that she wants to continue to pursue a partisan agenda and investigate the response, even while the crisis is still underway and American lives are on the line.
As President Trump said last night, “it’s not any time for witch hunts, it’s time to get this enemy defeated.” He added that, “conducting these partisan investigations in the middle of a pandemic is a really big waste of vital resources, time, attention, and we want to fight for American lives, not waste time and build up my poll numbers,” and that, “endless partisan investigations…have already done extraordinary damage to our country in recent years.”
Latest Updates From The Coronavirus Task Force:
In an announcement yesterday and during the briefing, the President said that he was directing HHS and DHS to, “to use any and all available authority under the Defense Production Act (DPA) to ensure that domestic manufacturers have the supplies they need to produce ventilators for patients with severe cases of COVID-19.”
The memorandum he issued will facilitate the supply of materials to six companies – General Electric, Hill-Rom, Medtronic, ResMed, Royal Phillips, and Vyaire Medical – for the production of ventilators. In another memorandum authorizing the use of the DPA, the President instructed DHS and FEMA to acquire more N95 face masks from 3M.
The White House continues to work with FEMA and use “Project Airbridge,” to provide crucial supplies and personal protective equipment to medical professionals. During yesterday’s briefing Rear Admiral John Polowczyk reported that six cargo planes carrying supplies from overseas have already landed in the United States, and 28 more are planned in the coming weeks.
Rear Adm. Polowczyk also said that the federal government has sent 27.1 million surgical masks, 19.5 million N95 masks, 22.4 million pairs of protective gloves, 5.2 million face shields, and more than 7,600 ventilators to the states.
HHS and DOJ also announced that they were partnering to distribute close to a million pieces of medical supplies confiscated from price gougers, including approximately 192,000 N95s, 130,000 surgical masks, 598,000 medical grade gloves, and other products.
On testing, the President announced that over 100,000 coronavirus tests are being conducted per day, and the Vice-President reported that in total, 1.3 million Americans have been tested for the virus with 236,000 testing positive.
The FDA also announced that they had issued and emergency use authorization for a coronavirus test that looks for antibodies to the virus in an individual’s blood.This is a key step that will help identify people who have recovered and to understand their immune response.
Please follow this newsletter and the coronavirus page on my website for continued updates about COVID-19 and how government is responding to protect both the country’s health and our economic security.
Congresswoman Liz Cheney