Remarks by President Trump on Supporting our Nation’s Small Businesses Through the Paycheck Protection Program | Eastern North Carolina Now

Press Release:

East Room  •  Washington D.C.  •  April 28  •  3:16 P.M. EDT

    THE PRESIDENT: Well, thank you very much everyone. This is a great honor. And I see you have social distance on your mind and that's a very good thing. Jovita, congratulations. Tremendous job you're doing.

    I want to thank everyone for being at the White House - a very special house, a very special place. No matter where you go in the world, they love the White House. And being here in the East Room of the White House in particular, where so many important functions have taken place over the years.

    And today, we're really celebrating American workers and small businesses. And we've done a job for you and we're going to make it so, as we open up our country, you're going to be in good shape, as opposed to be either losing your business or, "How do we get some people to work here?" Especially since your employees were so good over the years and those are the ones you wanted, so we made that possible for you.

    We're delighted to be joined this afternoon by representatives of several incredible small businesses from across our country. Also with us are Treasury Secretary Steven Mnuchin - Steve, thank you very much - (applause); and SBA Administrator - you've been busy, Steve, by the way? Huh? A little bit, right? Broke every record in the book.

    And SBA Administrator Jovita Carranza. Thank you, Jovita. (Applause.) Have you gone to sleep in the last two weeks? I don't think so. Right? You broke every single lending record: numbers of loans, amount of loans. Small business - it's actually a very big business, when you think about it. Thank you very much, Jovita. Great job.

    As our nation battles against this terrible scourge, we continue to pray for the victims, as well as for those Americans who are grieving their lost ones and their loved ones. There's never been anything like this. We suffer with one heart, but we will prevail. We're coming back and we're coming back strong.

    We built the greatest economy anywhere in the world. And two months ago - and we're going to build it again. We're going to build it fast. It's going to go very quickly.

    And, Larry, thank you for being here very much. It's - you see what's going to happen. I think you have the same feeling as I do: It's going to come back very fast.

    Now that our experts believe the worst days of the pandemic are behind us, Americans are looking forward to the safe and rapid reopening of our country. Throughout this ordeal, millions of hardworking Americans have been asked to really make tremendous, tremendous sacrifices. It's sacrifices like nobody thought would even be possible. Nobody thought we'd ever be talking about something like this.

    This virus has inflicted an enormous and painful toll on our nation's workers and small businesses. That's why, last month, I asked Congress to pass the Paycheck Protection Program, giving small businesses emergency economic relief to keep workers on the payroll. Four weeks ago, I was proud to sign it into law. We did that at a great ceremony with many of the people here and the officials here. And it was something. And I can tell you - I'm going to ask Steve to say a few words - but the kind of numbers and the kind of jobs they've done and the kind of jobs that have also been saved, it's incredible. You'll be seeing that in the coming weeks.

    The Treasury Department and the Small Business Administration launched the program in record-breaking time - just one week. And in the 14 days following its launch, we processed as many loans as the SBA would typically process in over 14 years. So in 14 days, they did more work and more loans, both in terms of applications and in terms of dollar amount, than they did in 14 years. Fourteen days, fourteen years - easy one to remember, right? That's some record.

    The first round of funding provided more than 1.6 million small businesses with over $340 billion so that American workers can retain their jobs, receive their paychecks, and help our economy take off quickly once America reopens for business, which is happening right now as we sit. We're going to be all set. You all ready? Huh? I can - I know you are. I talked to you back there. You're ready. You folks are ready.

    Our swift action supported or saved 30 million American jobs at least. And last week, Congress answered our call to replenish the program, and I was honored to sign an additional $320 billion for American workers into law.

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    At least $60 billion are reserved for community financial institutions, including those that serve minority and distressed communities. And that's also, when you think - it's African American communities, it's Hispanic American communities, it's Asian American communities.

    We began accepting applications for the second round of funding yesterday. Demand is extraordinarily high, and there are already twice as many users accessing the system as on any day under the first round.

    And one of the things that the Secretary of the Treasury told me is that the amounts are much more loans at much smaller amounts. And we like to hear that because we're looking at the small amounts - the smaller businesses - and that's what we want.

    Nonetheless, we're processing loans at a pace never achieved before. In the first 24 hours of the second round of funding, we've handled over 30 percent more loans than any previous day of the program. So far, we've processed an amazing 450,000 loans, totaling over $50 billion. That's in phase two. That's incredible.

    Along with Administrator Carranza and Secretary Mnuchin, Ivanka has played an essential role in spearheading this important program. Incredible role. That's what she wants to do: She wants to help people.

    From the beginning of my administration, Ivanka has used her experience as an entrepreneur to fight for the American worker. She has created many jobs. That's what she did when she first came in. She just wanted people to be able to get jobs and job training. Went to the biggest companies anywhere in the world that are located in our country, and they would take hundreds of thousands of people and train them. And I think you got up to almost 15 million people, right? Fifteen million. She started off with a goal of 500,000. She wanted to get 500,000 and she is now on almost 15 million people.

    And I'd like to ask, if I might, Ivanka, to say a few words as to what's exactly happening today, what's exact - what's happening over the next week, and what her views are for what's going to happen over the next period of time. It's going to be something - I think is going to be very special, and bigger and better than anybody really understands. Let's see if I'm right about that.

    Ivanka, please.

    MS. TRUMP: Thank you. (Applause.) Well, thank you everyone. And thank you, Mr. President, for convening this incredible group of entrepreneurs and small-business owners who very much represent the soul and the spirit, the grit and the tenacity of America's small-business owners across the nation. So we're grateful to each and every one of you for - for joining us here today.

    And very excited to hear your stories and hear specifically, about how you're going through this challenge and how, through the Payment [Paycheck] Protection Program and through the PPP, you are able to keep your workforce employed. It's - it's about your businesses thriving and growing within your communities. It's about your workforce, who each of you cares very dearly about.

    And I'd like to make a special call out of thanks to Secretary Mnuchin for his tireless work on this front. So if you'd like to come up and join us, we would appreciate that, Secretary. (Applause.)

    And SBA Administrator Carranza, thank you. You have been such a champion for America's small business. If you'd also like to come up and join us.

    And - and, Larry Kudlow, thank you for - for all that you do in fighting for American workers.

    With that, I would like to kick us off by introducing Amy Wright to come up to the stage and share with us a little bit of her story. She has created an amazing business that - that stemmed from personal experience and very much her - her heart. And it's been an honor getting to know you, Amy, as you really embody the spirit of small businesses around this country.

    ...

    Read the full transcript HERE.


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