Trump: The Paycheck Protection Program
Last Friday, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act.
Trump was Monday’s KVML “Newsmaker of the Day”. Here are his words:
“We’re gathered today for a very historic bill signing that will provide vital financial relief to American workers and families. We’re grateful to be joined by Vice President Mike Pence, and also with us are Secretary Steve Mnuchin, Administrator Jovita Carranza, Senators Roy Blunt, John Cornyn, Dan Sullivan, as well as Leader Kevin McCarthy and Representative Steve Scalise and Liz Cheney. We appreciate you all coming. A very big moment.
I want to thank Congress for answering my call to pass this critical funding. And the bill includes, as you probably know — you’ve been watching it over the last week as it matured unto this this point — $320 billion to refill the Paycheck Protection Program, helping keep millions and millions of American workers on the payroll. Great for small businesses. Great for the workers.
Thirty billion dollars to the Paycheck Protection funds will be reserved for small financial institutions, including those that serve minority and distressed communities, extending vital relief to thousands of African American and Hispanic American small-business owners and their employees. And that’s $30 billion of the Paycheck Protection funds. And that’s really having to do very much with extending vital relief to thousands of African American and Hispanic American people in this country that are so great but have been so badly hurt. They’re great people. They’ve been badly hurt.
Ten billion dollars for Economic Injury Disaster Grant Program. Fifty billion dollars for the Economic Injury Disaster Loan Program, which will provide loans to small businesses and farms. Very important — farms. Seventy-five billion dollars to reimburse hospitals and healthcare providers. Eight hundred and twenty-five million dollars — that’s a small one; million. That’s the first time I’ve seen the word “million” instead of “billion. Eight hundred and twenty-five million dollars for community health centers and rural clinics, which serve many of our most vulnerable low-income communities. And $25 billion for expanding testing capabilities.
So let me once again thank everyone who helped achieve these historic victories. This is a tremendous victory. This is on top of all of other things that we’ve been doing, including an incredible job, I must say — where Vice President Pence and with the task force — the coronavirus, that we are really hitting hard. The task force has been fantastic. The ideas and the implementation has been unprecedented. We don’t get the credit that we should, and I don’t want it for myself, but I actually do want it for the Vice President, and I do want it for the task force. But most importantly, I want it for all of the incredible people that are working so hard.
You see what we’ve done on ventilators. We’re now — we’re the kings. I have many countries calling. We’re the king of ventilators. Countries are calling, and they’re calling all the time now — can we help them with ventilators. And we are helping some countries. We spoke to a number of them today: Indonesia, Honduras, El Salvador. We spoke to numerous countries today. You probably saw that.
I spoke to the presidents, prime ministers. I’m speaking to everybody. They all want to know if we can help them with ventilators. And we’re capable of doing that because we’re making thousands and thousands of ventilators. And every governor has more than they need. In fact, some of the governors are now taking ventilators and shipping them to different states that don’t even need them.
So it’s been an amazing story that hasn’t been written about. Actually, there have been stories about why haven’t they written about it. Those are the stories, because the news is — much of the news is not fair. But that’s been incredible.
Likewise, our testing — Mike just said today “5 million.” Tell me, was it —
THE VICE PRESIDENT: It’s 5.1 million, Mr. President.
THE PRESIDENT: 5.1 million tests. That’s more than all countries combined. All countries combined. 5.1 million tests.
And you were asked a question about that the other day. “You didn’t hit 5 million tests.” Well, I guess Mike didn’t respond, or he wasn’t asked the answer. But, right now, it’s 5.1 —
THE VICE PRESIDENT: Yes.
THE PRESIDENT: — and that was just the other day, Mike.
THE VICE PRESIDENT: Yeah.
THE PRESIDENT: Some reporter named — I think his name was Jonathan Karl, right? Who’s a very nice — actually, a very nice guy.
THE VICE PRESIDENT: One month ago, Mr. President, we had done a total of 80,000 tests nationwide.
THE PRESIDENT: And now we’re 5.1
THE VICE PRESIDENT: As of today, because of the partnership you forged, because of the support of leaders gathered here and governors around the country, 5.1 million Americans tested.
THE PRESIDENT: Well, and actually, I wanted to tell you this: Honduras just called, and they are in a quagmire because they don’t have good testing, and they asked us to help them with their testing. We will. They’ve been helping us very much on the border. Our southern border is setting record lows for people coming through our southern border. We have that really in good shape.
In addition, we’re now up to our 170th mile. We want to get up to 450 early in the year, early — by the end of this year. But basically, early next year, we’ll be up to 450. Maybe even soon than that. And ultimately, what we’ve done on the wall is incredible.
The amount of — and I can say this to John from Texas — John Cornyn — the numbers are incredible, in terms of coming across. We’ve stopped it. And that 170-mile stretch where we have the wall, it’s like — it’s like a different world. People used to just drive right across and nobody could do anything about it. Now we have a tremendous, powerful wall there, and it’s been — it’s been incredible, because a country needs to have borders. And you don’t have borders if you have people pouring in by the tens of thousands. And we have totally stopped it. So it’s been — it’s been a great thing.
So we’re going to sign this right now. Before I do, I think I’ll ask the Vice President if he’d like to say anything, and maybe some of the people in the room. They’ve all been very instrumental in this, and they’ve been great friends of our country.
THE VICE PRESIDENT: Well, thank you, Mr. President. And thanks to your leadership, the leadership of the members of the House and Senate who are gathered here, and frankly, the bipartisan support that we’ve enjoyed in this effort, more help is on the way. Small businesses will be able to keep even more Americans on the payroll while our nation makes our way through the coronavirus.
And critical funding for hospitals, Mr. President —
THE PRESIDENT: Right.
THE VICE PRESIDENT: — you said earlier in the week — we are encouraging states around the country to restart elective surgery wherever possible, even on a county-by-county basis. Additional funding for hospitals is here and additional funding for testing. We’ll be reviewing those resources in a conference call with governors today.
But I want to join you in thanking all of the members of the House and Senate who are here, and frankly, all of the — all the members in both political parties who have continued to provide the support you’ve called for, for the American people, Mr. President.
THE PRESIDENT: It’s been really amazing, hasn’t it?
THE VICE PRESIDENT: It has.
THE PRESIDENT: So what was the vote in the Senate?
REPRESENTATIVE SCALISE: 385 to 5.
THE PRESIDENT: What was it?
REPRESENTATIVE SCALISE: About 385 to 5.
THE PRESIDENT: There — there it was. And what about the Senate?
SENATOR SULLIVAN: Unanimous.
THE PRESIDENT: And then they’ll criticize me, the Democrats, for doing the bill. I said, “But you voted for it.” Well, that doesn’t matter.
Dan, do you have anything to say?
SENATOR SULLIVAN: Yes, sir, Mr. President. And I first want to thank you and your team — you, the Vice President, the Secretary of the Treasury — literally working around the clock. Everybody notices that. We certainly notice it in Alaska. We really appreciate it.
You know, my state has a lot of tough, resilient people. Your grandfather is a part of that legacy, in terms of the great state of Alaska.
But, you know, some of our key industries — oil and gas, the energy sector, the fishing community, the tourism community — they’re facing tough times. But this bill is going to help and your administration, Mr. Vice President and Mr. President, are doing so much to help those sectors. So I just want to thank you on behalf of the people I represent.
THE PRESIDENT: Thank you, Dan, very much.
REPRESENTATIVE SCALISE: Thank you, Mr. President, Mr. Vice President, for the leadership and for calling on Congress to pass this bill — the bill you’re about to sign. This is going to put another 300-plus billion dollars in the Paycheck Protection Program. This has been a lifeline not only to small businesses, but — I know you’re well aware — you’ve saved over 30 million jobs just with the first tranche of that money that went out. Over 30 million people are on the payroll today that would have been unemployed.
We just saw another 4.4 [million] Americans that went on the unemployment rolls. This is going to save probably another 30 million people from going on unemployment. They’ll be able to stay in their jobs. Those small businesses will still be alive so that they can come back when we start opening the economy safely, to be able to come back.
We see all of these industries distressed — the oil and gas industry, ag industry, restaurants. Everybody wants to start focusing on how to reopen the economy in a safer, smarter way. I appreciate your leadership. This bill is going to be a lifeline, again, to millions more people that will be able to stay on the payroll of their companies.
THE PRESIDENT: Thank you, Steve.
LEADER MCCARTHY: Yes, sir. First of all, I want to thank all those on the frontline. I want to thank those in the medical community; the truck drivers; the farmers who are providing the food, making sure it’s safe in America; and those even in the stores. What you’re doing, this country is very grateful for.
I know I was with the President the other day and I was thanking him, and he was telling me, “No.” What he’s watching across this country are that people are making those sacrifices. And the example that you are showing every day, being in at work, is an example that America wants to see. That we know, as Americans, we’ll get through this. We’ll overcome this and we’ll be stronger.
We had a stronger economy than we’ve ever had before, prior to a virus that came from a distant land from a country that lied to us. We would never have to experience this. But this leadership is going to make a difference.
And what you’re doing right here — I want to give a little special thanks to the SBA and to the Secretary.
ADMINISTRATOR CARRANZA: Thank you.
LEADER MCCARTHY: Because we designed this in a time of need. And when you just look at the data, 74 percent of that money at the very beginning went to com- — went to businesses that had $60,000 or fewer in a payroll per month.
Those are the businesses we know that make decisions around a kitchen table. And your action early on, on April 7th, that said it’s going to need more money, you were right. I think those in politics that held it up just for a political purpose owe this country an apology.
And today, you’re going to sign something that you created that’s going to make a fundamental difference for the rest of us. But thank you for your actions (inaudible).
THE PRESIDENT: Thank you very much, Kevin. It’s going to help a lot of people. That, I can say.
Jovita, good job you’re doing.
ADMINISTRATOR CARRANZA: Thank you very much, President.
THE PRESIDENT: Go ahead.
ADMINISTRATOR CARRANZA: Appreciate that, kindly.
THE PRESIDENT: Want to say something?
ADMINISTRATOR CARRANZA: Of course.
THE PRESIDENT: Go ahead.
ADMINISTRATOR CARRANZA: Your strong leadership really has propelled the motivation, the energy, the stability, and the tenacity of the Small Business Administration. And every small business that we’ve been able to touch in some way — whether it’s answering a question, processing a loan, guaranteeing a loan, the fact that we have over $700 billion committed at this point to small businesses is herculean.
And it would not have happened if it had not been for your strong leadership galvanizing the left and the right and everything in between to make these funds possible for our small business.
Now SBA is focused on economic recovery, and we’re very focused in on the small businesses. And we’re going to meet them at the corner to start bringing back their employees, hiring new ones, and become very, very strong in the new economy, sir.
THE PRESIDENT: And I assume that SBA has never done numbers like this. This is record-breaking stuff (inaudible).
ADMINISTRATOR CARRANZA: Sir, we’ve done 14 years of loan processing and guaranteeing in 14 days.
SENATOR SULLIVAN: Unheard of.
ADMINISTRATOR CARRANZA: And it’s like an ATM machine with over 400 billion dollars and 30 million small businesses waiting in line.
THE PRESIDENT: It’s been incredible.
ADMINISTRATOR CARRANZA: So, thank you.
THE PRESIDENT: And, as you know, Harvard is giving back the money. Stanford is giving back the money. Everyone is giving it back. And in many cases, they never got — we’re talking about some of the bigger companies that we felt, after we looked at some numbers, that they shouldn’t have taken it. And Steve maybe will say something about that.
But I’ll go back to John Cornyn first. Please, John.
SENATOR CORNYN: Thank you, Mr. President. You know, these are extraordinary times and it tests all of us. And I want to congratulate you and your administration on meeting this challenge head on.
We’ve got — this virus is trying to teach us a lot of lessons that we’ve got to learn about our supply chains —
THE PRESIDENT: Yeah.
SENATOR CORNYN: — about the source of these viruses, which create these pandemics.
But, you know, my state, like Senator Sullivan’s state, has got the double — double whammy. One is the coronavirus and the other is the oil and gas industry has been decimated.
And so I appreciate your willingness to meet with the leaders of the industry, Secretary Mnuchin, and the good work that’s being done at Treasury to stand up this economic stabilization lending facility that hopefully will provide a lifeline to this industry.
But in the end, I think we all realize that we need to safely find a way to begin to reopen our economy. Because the biggest problem the industry has is a lack of global demand because the rural economy has been shut down.
THE PRESIDENT: That’s true. That’s true.
SENATOR CORNYN: So, we’ll get through this together. But I just want to extend my appreciation to you and your administration for your leadership and your partnership with all of our mayors, our governors, and those of us who work in Washington.
THE PRESIDENT: Good job. Good job.
Well, we have some — one of the — one of great ones. One of our really good friends.
Lynne [Liz], go ahead.
REPRESENTATIVE CHENEY: Thank you very much, Mr. President. I appreciate that. Well, it’s an honor to be here for the signing of this really important piece of legislation. I also know that you join me and we all join in saying thank you, expressing our gratitude to doctors and nurses, the healthcare professionals who are out there on the frontlines and taking care of people. Our prayers to those families that have lost people to this horrible virus.
And also, I really appreciate very much the focus on remembering where the virus came from and the extent to which the Chinese Communist Party, the government of China, was very much responsible for an action that allowed this virus, that caused this virus, frankly, to be spread around the world because they were not honest, because they were not forthcoming, because they allowed travel outside of Wuhan to the rest of the world. And they’ve got to be held accountable.
And I know there will be a lot of support on both sides of the aisle, Mr. President, in Congress to do just that.
THE PRESIDENT: I understand.
SECRETARY MNUCHIN: Thank you, Mr. President. This is the fourth bill you’ve now signed to help with the coronavirus. And this is very important. And I want to thank the Senate and the House for working with us to get this done. And I want to thank the American workers and the American business for all their hard work.
And as the President said, this is really a program that’s designed for small business. And we put out some clarification yesterday that some of the bigger businesses that have taken out loans should return the money. We appreciate that they’ve done that. There will be a surveillance around this if they don’t.
But I can tell you the many stories I’ve already received from very small businesses, some of them that have 5 or 10 people, and the meaningful impact that this has had. And I know that the additional funds are going to make an enormous difference to over another 30 million workers. So between the original funds and these funds, it will be over 60 million workers, close to half of the private payroll.
Thank you, Mr. President, and thank you, Mr. Vice President.
THE PRESIDENT: Great. Thank you. Thank you very much, Steve.
SENATOR BLUNT: Mr. President, great to be with you. Your team is reacting and moving in a way faster than anybody has ever seen. What the Secretary has done in small business is unbelievable. This is a small agency that has done years of work in just a few days.
The load that Secretary Mnuchin has taken on and the way that they’ve been able to respond to get individual direct payments out — unbelievable. There’s always going to be some gaps in that, but now they’re stepping back and doing exactly what you need to do. But the amount of work that’s been done here is incredible.
I talked to the mayor of Jefferson City, our state capital, yesterday, who’s the second-generation owner of the Hallmark store on High Street in Jefferson City. And she said, without the loan — she said the minute she got the notice that she got the loan, that was the difference in whether her business was going to survive or not.
And then one other thing I’ll mention on the testing element: We’ve worked closely with you to try to design that testing to do what you think needs to be done in terms of the delivery of how we’ve attacked this virus. About half the money goes immediately to states and to local community health centers and rural health centers. The rest is going to be used to try to — in a “Shark Tank” kind of atmosphere, with public and private partners working together, to try not only decide what new tests can be available in a quicker way, but also how we can encourage faster production of those tests than they would ever be able to do by themselves. And that direction came right out of this office, between you and the Chief of Staff. And I’m glad the bill reflects that.
THE PRESIDENT: Well, thank you, Roy. Great job, Roy. Appreciate it very much.
So, I just spoke with Tim Cook of Apple, and he would like us to do things. He’s going to be spending tremendous amounts of money in our country. He’s going to be bringing back tens of billions of dollars into our country. He’s going to build. And he feels that we’re going to have a “V.” You know what the “V” is. We’re talking about the “U” or the “V,” or maybe a flat line. But he thinks it’s going to be a “V.” That’s his own impression. And he’s had some pretty good impressions. He gets it.
I just want to thank everybody that’s here today. I want to thank, most importantly, all of the people that have suffered so greatly for a reason that should have never happened. This should have never happened to our country. This should have never happened to 184 other countries either. This was a disgrace that it was allowed to happen.
So, with that, I’ll sign the bill.
(The bill is signed.)
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