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Trump's Remarks at America CARES: Small Business Relief Update Meeting; April 7, 2020
REMARKS
Remarks by President Trump at America CARES: Small Business Relief Update Meeting
ECONOMY & JOBS
Issued on: April 7, 2020
Roosevelt Room
3:05 P.M. EDT
THE PRESIDENT: I want to thank everybody for being here. It is a great tribute to the banking business. The money that’s been done, and the money that’s been essentially loaned — these are great loans for the banks and they’re great loans for small business, and we appreciate it.
We’re looking forward to speaking with the top CEOs from the banking industry and finance industry. Some of you I know very well and great relationships with. You do an incredible job. Respected all over the world. You’re the biggest and the best.
And we’re meeting to further deepen our partnership to help American families, workers, and small businesses during this pandemic, which is something that nobody ever dreamed of.
You know, I say it and I say it a lot: We had the greatest economy in history, the greatest economy that we’ve ever had, the greatest economy that anybody has ever had. And then, one day, they said, “You got to close it down. Close the country,” because we have to get rid of the plague. And that’s exactly what we had, is a plague.
And it’s — it’s — we’re seeing light at the end of the tunnel. You see it. I see it. And I think we’re going to go like a rocket ship once we get back to business. There’s a lot of pent-up energy and demand.
But I also want to thank Secretary Mnuchin for the incredible job he’s done in conceiving many of these ideas. We’ve talked late into the night. And he and his staff have been incredible. Administrator Carranza, Larry Kudlow, and my daughter, Ivanka Trump, who just wants to have people working. That’s what — I gave her lots of options, and — “What do you like?” And she created over 15 million jobs working with some of you, but working with the biggest companies in the world. They were training and training like nobody has ever seen. But she started off with a goal of 500,000 jobs, and now she’s up to over 15 million.
As our nation wages the war against the invisible enemy, we’re grateful for the many ways in which your companies have answered the call to join our national endeavor. Thank you for donating tens of millions of dollars.
(Audio technical difficulties.)
Maybe it’s not good equipment.
But thank you very much for donating tens of millions of dollars for vital supplies and for supporting small businesses across the country.
America’s small businesses are the backbone of our communities. When you look and we hear all about the big companies that we know so well, but the small companies, when added together, are actually a bigger force. A lot of people don’t understand that. You do. We do.
Our nation’s 30 million small businesses employ nearly half of our workforce. My administration will continue to take the boldest action in history to bring immediate relief to our small businesses.
So when we open up in a hopefully short — very short period of time, we just — we’re back into business. That’s what we want. And we have lots of stimulus. So I think we can actually — with the stimulus and with the pent-up demand, I think we can really do numbers that are equivalent and maybe even better than we were doing before, within a fairly short period of time. That’s what my hope is. And that’s what the hope of many of you are too.
As you know, on Friday we launched the Paycheck Protection Program to help small businesses keep workers on the payroll. As of today, SBA has processed over $70 billion in guaranteed loans, which is far greater than we would have ever thought at this time, I think, Steve. I don’t think we ever had any number like that in mind. That will provide much-needed relief for the more than a quarter of a million businesses that have applied for these loans. And these numbers will continue to rise quickly. Again, far greater than anything we could have expected.
We thank you and we thank the thousands of employees for responding. And, by the way, we’re going to be going for, it looks like, a very substantial increase in the number because we’ll be running out of money pretty quickly, which is a good thing in this case, not a bad thing. And Steve will discuss it. But we’re in talks to supplement the fund and do more money. So it’s a — that’s the way it’s moving.
But we’re going to help those small businesses receive these loans in record time. And we look forward to hearing about your incredible progress today, because many of you — and most of you — are going to be speaking for a couple of minutes, just to say what you’re doing.
And we have a lot of media present. The room is loaded up with media, as much as they can, considering we have social distancing. We’re practicing social distancing. I don’t even know — when I’m looking, I’m not sure if they’re practicing it as hard as they should be, but they are practicing it. And there’s a lot of media.
Our entire society has mobilized to defeat the invisible enemy, save lives, and save jobs. Your companies are playing a vital role in this fight, and I’m very, very grateful to you.
And, with that, I’m going to ask Ivanka to start and then Secretary Mnuchin, Administrator Carranza, and Larry Kudlow say a few words quickly. And then we’re going to get to you, if you have any questions or anything, it would be great.
As I said today, we just asked Congress to pass legislation to fund an additional $250 billion for the Paycheck Protection Program. So we’re going to be raising it up to a new level. And the way it’s going, we’re going to need that because it’s really going. People are loving it. They’re really loving it.
So I’ll start with Ivanka. Thank you.
MS. TRUMP: Thank you, Mr. President, for convening this incredible group of leaders in a socially very responsible way, via teleconference. And we appreciate everything that you’ve been doing. Anyone who knows you knows the heart you have for America’s small businesses — over 30 million amazing innovators and entrepreneurs that employ over 60 million people. So, just absolutely incredible.
And you all have been so instrumental, those that are joining us today, in helping us not only execute, in an enormously swift fashion, the Paycheck Protection Program, but also answer the President’s call.
{snip}
THE PRESIDENT: (Laughs.) The Community Spirit Bank CEO, Brad Bolton.
MR. BOLTON: Good afternoon. Thank you, Mr. President, for allowing me to be a part of this event. You know, being accessible and responsive to our customers is what community bankers do. And I’m proud to wear the title of a community banker.
I’m also proud to represent Community Spirit Bank. (Inaudible) in 1908, we have a long history of serving our customers through good times and bad.
We come to you with a rural perspective, as we are a 150- million-dollar institution, serving four rural counties in northeast Mississippi and northwest Alabama.
Our bank, like banks across the country, we’ve been working proactively with our customers for weeks, allowing accommodative 90-day or more modification and deferment programs, (inaudible) our consumers and small-business owners.
We make sure that our customers’ priority is on their health and that of their families, and we’ll worry about taking care of their loans down the road. That’s what community banks does across the country.
Mr. President, community bankers and Main Street customers that we serve are so thankful for your leadership in the passage of the CARES Act, and in addition to Payroll Protection Program.
And although my bank was locked out of the program until Sunday night, we worked through the weekend (inaudible) applications — again, submitting loans. And as soon as we gained access, we started submitting those loans.
As a matter of fact, I was up three nights, up to 2:00 a.m. submitting loans to get the money flowing. And as of today, we’ve gained approval for loans as small as $7,000, and our average loan size is around $82,000. So this is real money. It’s about to begin flowing back to small businesses and their employees.
Mr. President, I know that you are a problem solver. No challenge is too big for your leadership. But I also want you to know that many of my community bank brethren do remain on the outside looking in, unable to gain access to the SBA E-Tran system.
{snip}
END 3:55 P.M. EDT
Remarks by President Trump at America CARES: Small Business Relief Update Meeting
ECONOMY & JOBS
Issued on: April 7, 2020
Roosevelt Room
3:05 P.M. EDT
THE PRESIDENT: I want to thank everybody for being here. It is a great tribute to the banking business. The money that’s been done, and the money that’s been essentially loaned — these are great loans for the banks and they’re great loans for small business, and we appreciate it.
We’re looking forward to speaking with the top CEOs from the banking industry and finance industry. Some of you I know very well and great relationships with. You do an incredible job. Respected all over the world. You’re the biggest and the best.
And we’re meeting to further deepen our partnership to help American families, workers, and small businesses during this pandemic, which is something that nobody ever dreamed of.
You know, I say it and I say it a lot: We had the greatest economy in history, the greatest economy that we’ve ever had, the greatest economy that anybody has ever had. And then, one day, they said, “You got to close it down. Close the country,” because we have to get rid of the plague. And that’s exactly what we had, is a plague.
And it’s — it’s — we’re seeing light at the end of the tunnel. You see it. I see it. And I think we’re going to go like a rocket ship once we get back to business. There’s a lot of pent-up energy and demand.
But I also want to thank Secretary Mnuchin for the incredible job he’s done in conceiving many of these ideas. We’ve talked late into the night. And he and his staff have been incredible. Administrator Carranza, Larry Kudlow, and my daughter, Ivanka Trump, who just wants to have people working. That’s what — I gave her lots of options, and — “What do you like?” And she created over 15 million jobs working with some of you, but working with the biggest companies in the world. They were training and training like nobody has ever seen. But she started off with a goal of 500,000 jobs, and now she’s up to over 15 million.
As our nation wages the war against the invisible enemy, we’re grateful for the many ways in which your companies have answered the call to join our national endeavor. Thank you for donating tens of millions of dollars.
(Audio technical difficulties.)
Maybe it’s not good equipment.
But thank you very much for donating tens of millions of dollars for vital supplies and for supporting small businesses across the country.
America’s small businesses are the backbone of our communities. When you look and we hear all about the big companies that we know so well, but the small companies, when added together, are actually a bigger force. A lot of people don’t understand that. You do. We do.
Our nation’s 30 million small businesses employ nearly half of our workforce. My administration will continue to take the boldest action in history to bring immediate relief to our small businesses.
So when we open up in a hopefully short — very short period of time, we just — we’re back into business. That’s what we want. And we have lots of stimulus. So I think we can actually — with the stimulus and with the pent-up demand, I think we can really do numbers that are equivalent and maybe even better than we were doing before, within a fairly short period of time. That’s what my hope is. And that’s what the hope of many of you are too.
As you know, on Friday we launched the Paycheck Protection Program to help small businesses keep workers on the payroll. As of today, SBA has processed over $70 billion in guaranteed loans, which is far greater than we would have ever thought at this time, I think, Steve. I don’t think we ever had any number like that in mind. That will provide much-needed relief for the more than a quarter of a million businesses that have applied for these loans. And these numbers will continue to rise quickly. Again, far greater than anything we could have expected.
We thank you and we thank the thousands of employees for responding. And, by the way, we’re going to be going for, it looks like, a very substantial increase in the number because we’ll be running out of money pretty quickly, which is a good thing in this case, not a bad thing. And Steve will discuss it. But we’re in talks to supplement the fund and do more money. So it’s a — that’s the way it’s moving.
But we’re going to help those small businesses receive these loans in record time. And we look forward to hearing about your incredible progress today, because many of you — and most of you — are going to be speaking for a couple of minutes, just to say what you’re doing.
And we have a lot of media present. The room is loaded up with media, as much as they can, considering we have social distancing. We’re practicing social distancing. I don’t even know — when I’m looking, I’m not sure if they’re practicing it as hard as they should be, but they are practicing it. And there’s a lot of media.
Our entire society has mobilized to defeat the invisible enemy, save lives, and save jobs. Your companies are playing a vital role in this fight, and I’m very, very grateful to you.
And, with that, I’m going to ask Ivanka to start and then Secretary Mnuchin, Administrator Carranza, and Larry Kudlow say a few words quickly. And then we’re going to get to you, if you have any questions or anything, it would be great.
As I said today, we just asked Congress to pass legislation to fund an additional $250 billion for the Paycheck Protection Program. So we’re going to be raising it up to a new level. And the way it’s going, we’re going to need that because it’s really going. People are loving it. They’re really loving it.
So I’ll start with Ivanka. Thank you.
MS. TRUMP: Thank you, Mr. President, for convening this incredible group of leaders in a socially very responsible way, via teleconference. And we appreciate everything that you’ve been doing. Anyone who knows you knows the heart you have for America’s small businesses — over 30 million amazing innovators and entrepreneurs that employ over 60 million people. So, just absolutely incredible.
And you all have been so instrumental, those that are joining us today, in helping us not only execute, in an enormously swift fashion, the Paycheck Protection Program, but also answer the President’s call.
{snip}
THE PRESIDENT: (Laughs.) The Community Spirit Bank CEO, Brad Bolton.
MR. BOLTON: Good afternoon. Thank you, Mr. President, for allowing me to be a part of this event. You know, being accessible and responsive to our customers is what community bankers do. And I’m proud to wear the title of a community banker.
I’m also proud to represent Community Spirit Bank. (Inaudible) in 1908, we have a long history of serving our customers through good times and bad.
We come to you with a rural perspective, as we are a 150- million-dollar institution, serving four rural counties in northeast Mississippi and northwest Alabama.
Our bank, like banks across the country, we’ve been working proactively with our customers for weeks, allowing accommodative 90-day or more modification and deferment programs, (inaudible) our consumers and small-business owners.
We make sure that our customers’ priority is on their health and that of their families, and we’ll worry about taking care of their loans down the road. That’s what community banks does across the country.
Mr. President, community bankers and Main Street customers that we serve are so thankful for your leadership in the passage of the CARES Act, and in addition to Payroll Protection Program.
And although my bank was locked out of the program until Sunday night, we worked through the weekend (inaudible) applications — again, submitting loans. And as soon as we gained access, we started submitting those loans.
As a matter of fact, I was up three nights, up to 2:00 a.m. submitting loans to get the money flowing. And as of today, we’ve gained approval for loans as small as $7,000, and our average loan size is around $82,000. So this is real money. It’s about to begin flowing back to small businesses and their employees.
Mr. President, I know that you are a problem solver. No challenge is too big for your leadership. But I also want you to know that many of my community bank brethren do remain on the outside looking in, unable to gain access to the SBA E-Tran system.
{snip}
END 3:55 P.M. EDT
Trump: Ivanka Created 10% Of All US Jobs [VIDEO]
April 8, 2020 Dementia, Donald Trump
Vox reports:
April 8, 2020 Dementia, Donald Trump
Vox reports:
On Tuesday, President Trump hosted a call with business leaders to discuss efforts to provide financial relief to small businesses. During that call, he made an astounding claim: that his daughter Ivanka personally created 15 million jobs.
To put this claim in perspective, as of January — before the coronavirus pandemic caused the US economy to start hemorrhaging jobs — about 152 million people in the United States were employed, according to the Bureau of Labor Statistics.
So Trump is claiming that his daughter created about 10 percent of all the jobs in the United States. Ivanka has apparently been working overtime in recent months: During an event last November, Trump claimed that his daughter has “gotten jobs for” 14 million people.
7 replies
= new reply since forum marked as read
= new reply since forum marked as read
I mean, Ivanka has created 14-15M jobs all by herself? What an accomplishment. Her father has exposed her to all kinds of leadership roles and introduced her to the world. She is entitled to follow her father's reign. Yes, Sir!
