Fact Sheet - President Donald J. Trump Remains Committed to Providing Critical Relief for American Small Businesses, Workers, and Healthcare Providers
ADDITIONAL SUPPORT FOR AMERICANS: President Donald J. Trump is signing new legislation to further assist American small businesses, workers, and healthcare providers.
- President Trump is signing into law additional funding to support Americans impacted by the coronavirus.
- This legislation provides $320 billion in additional funding for the incredibly successful Paycheck Protection Program (PPP), which has already aided countless small businesses and millions of American workers.
- With this new round of funding, President Trump will have signed into law more than $670 billion for the program.
- The bill also appropriates $60 billion more for the Small Business Administration's (SBA) Disaster Loan Program.
- To aid our coronavirus response efforts, $75 billion in funding will be provided to hospitals and healthcare providers and $25 billion will support our Nation's historic testing efforts, including support for State, local, and tribal governments.
PROTECTING JOBS AND SMALL BUSINESSES: The President's Paycheck Protection Program is providing critical relief for our small businesses and supporting millions of American workers.
- The PPP has already experienced unprecedented success in protecting American jobs and small businesses, including America's great nonprofit and faith-based organizations.
- During its initial run, the SBA and Department of the Treasury were able to process more than 14 years' worth of loans in less than 14 days.
- All told, PPP was able to provide payroll assistance to more than 1.6 million small businesses in all 50 states, the District of Columbia, and each territory.
- Businesses that have accessed the program hail from a wide variety of industries, including retail, food and hospitality services, healthcare, agriculture, manufacturing, and more.
- Nearly 5,000 lenders participated in the program, including many community banks and credit unions.
- With this new round of funding, additional small businesses across the Nation will be able to access this vital program.
UNPRECEDENTED RESPONSE: Throughout the coronavirus pandemic, President Trump has provided unprecedented relief to American families, workers, and businesses.
- President Trump and his Administration are providing direct payments to help Americans during this difficult time.
- The President signed the CARES Act into law, providing direct payments of up to $1,200 for individuals, $2,400 for families, and $500 per child for those under certain income thresholds.
- The President has worked to significantly expand unemployment benefits and has taken action to provide more flexibility in unemployment insurance programs.
- The Administration has halted foreclosures and evictions for families with Federal Housing Administration (FHA) insurance mortgages.
- The SBA has worked to relax criteria for its disaster loan program and is providing additional support to American small businesses through numerous existing loan programs.
Donald J. Trump, Fact Sheet - President Donald J. Trump Remains Committed to Providing Critical Relief for American Small Businesses, Workers, and Healthcare Providers Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/341771