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During a task force briefing on Tuesday, President Trump announced that the Small Business Administration has processed more than $70 billion in loans for small businesses impacted by the coronavirus.
"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," Trump said. "So we are going to be providing tremendous amounts of money to the small businesses of our country who have been absolutely clobbered, and they'll be keeping open and they'll be paying their employees and they'll be all set to go."
|GS||THE GOLDMAN SACHS GROUP INC.||353.79||+1.96||+0.56%|
|BAC||BANK OF AMERICA CORP.||36.30||+0.39||+1.09%|
|WFC||WELLS FARGO & CO.||45.94||+0.69||+1.52%|
Trump praised the efforts of Goldman Sachs, Bank of America, Wells Fargo, Citigroup, Visa, Mastercard and Grand Rapids State Bank for their efforts to provide relief to American workers and employers.
The president said he will also request an additional $250 billion from Congress for the paycheck protection program to "help keep Americans employed to facilitate a quick and full recovery."
Senate Majority Leader Mitch McConnell praised the program in a statement on Tuesday, but said that more relief for Americans is desperately needed.
"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. Jobs are literally being saved as we speak," McConnell said. "But it is quickly becoming clear that Congress will need to provide more funding or this crucial program may run dry. That cannot happen."
McConnell added that he will work with Senate Minority Leader Chuck Schumer and Treasury Secretary Steven Mnuchin to approve additional funding for the program by Thursday.
The news comes as the $350 billion small business loan program, approved by Congress last month as part of a more than $2 trillion stimulus bill aimed at helping the economy recover from the virus, kicked off Friday to a rocky start as small business owners experienced delays in the loan application process.
As part of the program, companies may borrow up to 2.5 times their payroll, or up to $10 million, which can be used for payroll and other expenses, like insurance premiums, mortgages, rent or utilities through June 30. The loans, which are guaranteed by the federal government, will be fully forgiven if 75 percent of the money goes toward keeping workers employed, according to the SBA.