President Trump Participates in America CARES: Small Business Relief Update
Thank. You very much. And. Thank, you everybody for being with us it's been an. Incredible, period of time, for. The banking industry, and all that you're doing for small business. Steve, is telling me that it's been literally. Record-setting. The amount of money. That's been done and. If. You want to start all over again I guess they didn't have the mic on so. I'll start all over again why, not but, 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. Alone 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 the pandemic, which. Is something that nobody ever dreamed of you know I say it they said a lot we. Had the greatest economy, in history, the greatest, economy, that, we've ever had the greatest economy, that anybody's, ever had and that 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 as 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 minuchin, for, the incredible, job he's done in conceiving. Many of these ideas we talk late into the night and. He, and his staff have been incredible, administrative. Carranza. Larry, Kudlow and, my daughter Ivanka Trump, who just. Wants to have people working that's which I gave her lots of options, and what do you like it she. Created over 15 million jobs working, with some of you but, with the biggest. Companies, in the. World. They. Were training, and training like, nobody's. Ever seen but she started off with a goal of 500,000, jobs and that 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. Maybe. It's not good equipment but. Thank you very much for donating the, 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 the small businesses, so when we open up in a hopefully. Short very, short period, of time we. Just were back into business that's what we want and we have lots of stimulus, so.
I Think we can actually with the stimulus or 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 - as you. Know what Friday we launched the Paycheck protection, program, to help small businesses keep, workers. Of the payroll as of. Today SBA. Has processed, over 70, billion dollars in guaranteed, loads 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 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 where it, talks to, supplement. The fund and do, more, money so 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, or practicing, social distancing, I don't, even know what I'm looking I'm not sure they practice again, as hard as they should be but. They are practicing it, and there's, a lot of media our. Entire society, is mobilized, to defeat the invisible, enemy save, lives and, save jobs. Your companies, are playing, a vital role at this fight and I'm very very grateful, to. You and with. That I'm going to ask Ivanka, to start and then secretary, minuchin. 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 would be great as. I said today we just asked Congress, to pass legislation to, fund an additional, 250. Billion dollars, the paycheck protects your 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 good people are loving it they're really loving it so I'll start with Ivanka. Thank, you Thank. You mr. president for meeting 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, enormous, Li Swift fashion, the Paycheck protection, program but, also answer, the president's. Call when, we began making phone calls a, couple. Of weeks ago to each. Of you some of the largest lenders in the country bankers, credit card companies we, asked you to provide additional, relief. Private, sector driven relief, to, our incredible, small, businesses, and and you've answered that call among. The things we've discussed, and that you'll announce today include, policies that, will, offer debt relief to your clients and your customers payment. Deferrals forbearance, loan modifications. And outright, hardship. Relief so we're incredibly, excited, to have you share, these. Initiatives today and with, that i'll turn it over to secretary, minuto, and administrator, friend larry cudlow to, share a little bit about the paycheck protection, program, and the, unbelievable. Lift, that your teams have, undertaken. In just, the past week to to make it as successful as. It is today Thank. You mr. president, thank you Ivanka first of all I want to thank the, broad number of banks, we have over 3,000. Banks that have been participating, since last Friday that's a combination of community, banks regional, banks and large banks I, just, want to thank the SBA and the Treasury this is a brand new program that had got up and running in less than a week and, last. Friday we saw the incredible. Response. I spoke to the president over the weekend, I told. The president you, know it was so successful that we were concerned we'd run out of money the president, made very clear that we should go back immediately and, ask, for more money to make sure we. Can support a small business, every single one of these people that's, employed by a small business is one less person that's, out of work and on unemployment insurance and, it's, one more person, that's part of the business so that when we're ready to reopen, 50. Percent of America's, workforce is, in small business, I had. The opportunity this morning to speak to Mitch McConnell Chuck, Schumer, Nancy Pelosi and Kevin McCarthy, I urged, them at the president's request that. They get, us another two hundred fifty, billion dollars, approved, and we look forward to the Senate passing, that on Thursday. And the house passing, that on Friday this is much-needed, support, and we, want to make sure that every single small, business, can, participate, and, we want to assure the, workers, that if you don't get the loan this week they'll be plenty of money for you next week and this isn't just small businesses, it's charities, it is. Independent. Contractors, sole proprietors. So, again, I just want to thank everybody for their broad participation. Thank, you very much thank. You, very. Quickly president, Small Business. Administration. Has a mission, of, strengthening. The economy by, assisting, small businesses. Ivanka. You mentioned we have 30 million absolutely. And I think they're all approaching, our phone lines as we speak, but. We're also committed, to sustaining. Their. Resiliency. As. Well as increasing, the number of employees, they, keep on payroll and so that's been, our mission, and. We, have not been, shy. Of. Accelerating. And incorporating. And also, partnering, with not only the the. Lenders that are on honest, telecom but many of them we have over. 3,000. 3,200, banks as Secretary, has mentioned previously. And we have about 300, new lenders, so I'm. Very proud of the lending. Community and, their partnership so thank you. Incredible. It's. Really. Amazing the way they stepped up I'm very happy and they know many of the people that we delegate so it's really, terrific, Larry. Kudlow thanks, sir I'll just be brief I, would, say that as our. Mitigation policies. Have taken hold successfully. In dealing. With the virus and as. We move to what we believe can. Be a reopening, of, the economy, in the weeks ahead we. Started. With a strong foundation, as the president, mention and. There'll. Be some there'll, be some, transitions. But, I see no reason why. The. Second, half of the year cannot, resume a strong. Sawed growth. Rate I think, that's an important point and I think I want to stay as optimistic, as possible, on that possibility, and we are coming down I think the home stretch that's what the health specialists, are telling us and, I want to add one more thing, president's.
Home Programs, first time in history the largest relief. Assistance program, in American, history by far this. Program has been based on a government. Public-private. Partnership. Every, step of the way we've got everybody here or, on these teleconference. Calls video calls whether. It's retailers. Biotech. Farmers, bankers. Transportation. You name it and that's a characteristic of, President, Trump's own philosophy. That has given us a strong economic foundation. And once, we can reopen this thing I think it's going to be very successful so, thank, you very very much and as you know our dollar our currency, has remained very very strong other currencies, are not doing well at all but. Our currency, has done incredibly. Well very, very strong a lot of it assets, to that sometimes. It makes life a little more difficult for, going outside of the four. Walls but, it's a. It means that everybody wants to be in and we find any time we go out they, just want to jump. Into our currency, there's nothing like it and I don't think it's ever been any stronger. Or better or more powerful, especially, relative. To other currencies and, other nations I I think that's a great thing it's great for all of you that I know Ivanka. Please, absolutely. I think the, foundation, of our economy was. So. Incredibly, strong until this virus, hit and this, is something you recognize this is something we're hearing from small businesses across the country this was no fault of their own and we're going to carry them through this. Really. Devastating. Time and it. Will be brighter on the other side because of commitments, such as this public-private partnerships. And because we will come out of this hopefully. Sooner rather than later so, with that I'd love to start with Brian. Moynihan the, CEO, of Bank. Of America who, is one, of the SBA's, first. Partners. In implementing. The Paycheck protection, program Brian, would you like to share with us some thoughts and what. You'll be announcing today. Sure. Thank you. We. Are fast. As we rebuilding movies that we do in March 11 remember the other group of banks in the White House we talked about the similarities mainly. People. Small businesses, in, our company where we have 700,000. Questions that process the same time in a, few weeks thankfully, as, we fight about the time and my colleagues at the same experience a month apart our company's dead seven billion dollars and currently one month during the month health. Companies, of all sizes make, progress. But. If I could talk to is the question, was what else could we do that's discrete for small businesses, and so one of the problems we announced last week, late last week was work, with a group, called community, companies, institutions TFI. So far we, had two things there for what the largest, supporters. Of these organizations, which makes phones in the communities throughout the United States we, gave them ten million dollars a week operating, funds they can scale with the business to help make money and then we had 250, million dollars for 1.5.
Billion Dollar our state in capital, to these enterprises, bring, your capital dimension to 1.75. Billion when. We move to PPP. Secretary. Connection and I've. Had many conversations as. Our colleagues have to get this program up and running when I started Friday morning. 39:45. Whenever. Was we're. Up about 250,000. Applications, at a company, we, are beginning to process, those grooves, in the SBA it will, take the dog abated feet which the SBA team is working hard to get set up because but, it starts coming it's coming the live by we have 3000 people working to make sure the. Customers, that we serve that the clients that have the documents, that's needed to ensure. They use the proceeds, in the right way for the right purposes, right amount and, we're putting, that all through and we thank both the SBA and, Treasury. How. They worth of the program screen blinded so we could actually get it done faster. The. Number you gave me for I don't, think included, across. Modest. Amount of loans but don't don't build it might. Believe that total we. Continue to get several thousand applications every, hour and, we're not getting to that today. Second. Part of the program is about, early in the sole proprietors, and the extension. You're. Prioritizing our, work to make sure we serve Bitcoin to have a renovation, for this into the positive relationship with us and in. That scheme, it's funny busy but we're here to continue to support of this effort is, a strong, effort and we also are, ensuring. Our client's understanding minute. For me. Well. Brian you've been fantastic and Bank of America has been incredible. You were right up there right at the beginning and we appreciate, it you probably noticed, I mentioned your name a few times two, days ago when it all started, so we, appreciate it very much thank. You thank you very much a. Really. Great job and goldman sachs a friend of mine for a long time David Solomon. Please. David go, ahead. Thank. You mr. president thank you for convening. This meeting today, and thank you for new and demonstration. Are, doing support small businesses, and, also want to thank Ibaka for, generous of spending time with, many of our small business graduates. Focusing. On minority, and women-owned, businesses, which, comprise, six, percent of our participants. Nine. Thousand. Small businesses across the country grow. Their businesses, create, new jobs at. That time we made the largest private sector investment. To vocational colleges, make the largest single with. That than at the time the, Community Development financial, institutions in. The last ten years we, built investment, classification. Model that, has reached 9700. Businesses, who. Created. Over. 175,000. Jobs in. The United States and. I'll network our business, is single-handedly, go up their communities, rich, by quick business. Owners like Angelica, Rivera collect. Destruction, and, a haughty. And. Now she's part of New Orleans going, 90 story the, state's, children. The. House of occupation, which, I think also, mr.. President. Well. David that's fantastic. 550. Million I hope the media understands, what that is it's a lot and, we. Are going to work on that we think you're right and we appreciate it and thank deena, Powell for replace who's been fantastic, friend of ours for a long time and. We appreciate it great job David great, job thank you. Thank. You very much, and Darren Williams of, southern Bancorp, CEO. Hi. Darren. Hi. Mr. president thank you very much for having us today I really appreciate you including. The voice of small America, of rural. America in this call, so. They go where 1.5. Billion dollars we ended up in financial institution, just, one of those organizations that both I'm just bored I hated this song we're talking about and we serve them Arkansas, Mississippi Delta, mr.. President this, paycheck, protection program is a bold, and aggressive, program. And it's an exactly, what's intended it's putting Americans. Back to, work and at least we serve Bennish desperately-needed, we appreciate, it very very much as. A CDFI. 60%. Of analytic activity, must take place in low and moderate-income communities, these. Communities, are heard people. Are laid off and they often lack sufficient savings. Typically. An economic downturn cuts. And lower wealth communities are deeper and last, longer than above their communities, my, mother. She advised across America has been working day and night since. The program opened one Friday, processing. Applications, for both customers and none customers, son. Of a clerk has two they're over 16, million, dollars, in application of SBA ourselves.
We. Began cutting each extra business upon Friday we have hundreds and hundreds of more in the queue, under, Saturday we process an application for small business in Northeast, Arkansas with, less than, $2,000. Wes alone on that now, I know this may seem very small, to me but, it was a lifeline, of the employees of that small business and we have countless more examples, of small businesses in rural America they need this support and, as you can see they push for additional. Support linking thank you for your announcement they were waiting for an additional support. Of Twitter 50-billion balance of the BBB, please. As mister someone suggested please consider, a carve-out for. Small. Community banks because, we have a proven track record, of morning, economic stabilization. Job, preservation job. And job creation and some of hardest in rural, urban and the other opportunities. And. Badly. One question to, adminstrator. Tourism on behalf of small covenants, who are blinker, guidance and. Will must acknowledge cars, in French it was my congressman who's been very helpful in this issue we're looking for the, journal other words a student's count against, the. Delimited, by the PBV program of. Course I said that's a financial aid program and closest to its own I attended be employees, but let me get some guys my issue we're not exactly sure what to do so in closing again mr. president let me say thank. You one behalf of every small business this program, has been a lifeline, for. Them and we appreciate you, and the tremendous comfort your. Administration would in such a small amount of time to give this program launching off the ground thank you thank you thank you thank you very much Derek great job appreciate. It very much. We. Have Gordon Smith of JPMorgan, Chase. Just, a huge thank you to everything. That you, and, your teams have, been doing, we're. Trying to get the money out of business, owners as quickly as possible and, because of that were focusing, primarily on, our existing customers. As. Of about one o'clock today we, have, 375, counting, requests, to. Apply from small businesses, in, the United States, that. Will range plus, or minus, 40 billion dollars in. In. Total, loans to. Give you a little bit of a sense but likely to be seen so far, today they tend to be a minimum of four thousand, dollars and. The largest load of, 2.6. Million, dollars. We, also. Vary. With. The SBA, to build. A digital connection, which. I think we're literally hours, away from that. Will continue, to accelerate. Progress that. We were able to make in terms of getting money. Out those, small businesses, and, quickly. Into the economy, in. Addition we. Continue to then money the rest. And. Small businesses. Of. This. We. Also. Address. The. Businesses. Today. We. Increase. Positive. Checks, electronically. To, avoid. As. We, speak in addition, to the work streams that I just articulated or. A small, business we're. Preparing. Mr.. President, you have applied, for the consumer, side of the transaction, over. The course of the next two. To three weeks a. Great, deal of, technologists. Are working, and preparing those. Checks, and direct. Transfers, to, US domestic consumers. So again, thank you. Thank. You very much Gordon and that's a fantastic job, at some number of loans you people, do it I don't know but you do it and, really. Great job thank you very much going and Wells. Fargo Charles. Are you ready Joe sharp. Yes. Thank, you very much mr., president I. Also, want to ensure. That Treasury. And, the SBA. Or. Wescott will be soon, we mean the PPP program, the. Administration. The. Opportunity. Today. And sheriff do two things. Morning, provided, substantial amounts. Of credit we need to our customers, tell. Them whether these times which we all know were. And. Cause a great deal of uncertainty so, as we think that all, across. All of our businesses, and ask that question every single day in, March alone we, extended. Nearly. 70 billion dollars, to. Our customers, to help support them in. Terms of getting through this environment, so, far we've deferred, more. Than seven hundred and ninety, thousand. Payments, representing.
Over Two billion dollars, to. Those who have requested it because they've, been infected, by. This virus in, some, way and, we've provided over. 750,000. Fee waivers, and. All. Of these numbers will continue to grow as we take all of our customers, and. We're. Doing everything we can to make sure that they understand, that we're here to support them, we, also offer proud to participate in. PPP, and providing, all the support, that, we can as you know the need expressed, by our, customers is huge. We, specifically, focusing, on two segments, we're focusing on the profits and small. Businesses, with less than 50, employees. Small. Businesses, and less than 50 employees represent. Approximately. 17. Billion of the small businesses, in the US as. We all know they've been particularly, hard-hit, and very often happy with resources tell. Management through this environment we. Also made the decision that we. Would. Not. Be keeping the, fees, on. The program we, will be contributing. All the fees received, to. Not-for-profits. That support, small businesses, it's. Just another thing that we think we can do to help the small business, can, you be out there, so. Beyond that we, stand ready to continue, to serve our customers are very strong digitally, as. Like, friends. Have said stand, ready on the additional programs, that are coming down the line so that we're ready to support our, consumers. Small. Businesses and middle market companies as, well in the programs that you've outlined and, will, continue to help and. Thank, you very much Charles HM. You're doing appreciate, it Grand. Rapids State, Bank CEO. Noah, Wilcox. Afternoon. Things mr. president, I'm. A proud fourth generation, community. Most. Of the current chairman of the independent, community maintenance, of America. Indigo, 1 there, are these unprecedented, times. Our. Nation's, community, banks and my main craft the state bank and Minnesota, lakes main stands, shoulder to shoulder with, their. Small business customers, their, consumers, the communities, that we serve we've, been doing modifications. For our customers, really nice going, if there's only doing the payment the pearls and reinvesting. And donating, to local communities, and we operated. Despite. Some difficulties, during the first couple days getting, into the system for some banks that. Had. An impact on small. Businesses, that ain't our economy, we worked through the night and we worked in the weekend the. Security, as much funding for, good with those need and those that qualify. Especially. For those that are, willing to continue to keep their workforce, of the payroll working support, there's, an otherwise strong, underlying, economy. We. Know from an informal, survey that about one third of all community banks still do not have access to the system and. That. Means those, community, banks have been boxed out the money will serve their communities, and their customers, just imagine, the awesome power and the difference community, banking industry with me we. Had all 100 of the banks with access system. Ize. Remain steadfast. Creating. Profound environment, for community banks first part. Of that's maintaining. Strong local communities, for strong, local, businesses. I want, to thank you mr. president secretary. Minuchin. SBA. Administrator Carranza. Are working on making these funds authorized. By the cares active. Small. Businesses, of our great nation and. I ask that if the need to expand that amount family. Or. Country. That. It is done so expeditiously I appreciate, your earlier comments, mr. president, thank, you. Thank. You very much we'll get that done and we'll get it done rapidly. Visa. CEO. Al Kelly here. Mr.. President thank you we're.
A Little bit different type of institution. Than. We. Are. Yesterday. That's two, grants, probably 210 billion dollars, for small business, one. Of them in line with our. Witness. Economic. Power and, economic. Development, and a second to help with short-term, needs that have been caused by the spread of copán 19 we're. Doing all kinds of our. System, at a time where, we typically don't because we want make sure that it's stable and resilient, and secure at, this important, time in the u.s. we. Are working to. Make sure that, we can help distribute, funds to small business owners as quickly as possible, today we. Distribute two billion, dollars, in, real, time in the evening to small businesses, we, want to work on running that capability, we're. Waiving, monthly fees for, the next few months for people, need. To get online small. Businesses, that want to create ecommerce. Gateway, we're. Working. Thank. You very much Ellen bringing back the travel, is going to be a very big thing we're working with the airlines and we're going to bring. Them back, I guess, they need help Steve Wright at a high level but. We're going to bring them back they're, ready to go so thank. You very much for what you said and for the great job you do out, Citibank. How. Are you Michael, I. Over. You that's, good Mike Thank You babies great job you thank, you thank, you. Thank. You sir. The. Opportunity, for city and me to, have, the ability to talk about our efforts. Down consumers. And small business whether this crisis, mr.. President when we met in the White House in March I told you that we were here to help support the, American economy and American workers. We've. Been working, relieved with, our customers, for more than a month now on. March 6 we now this assistance. Measures with retail bank customers, and, small businesses, in the in the US who've been impacted by both 19, today. We, expanded, that assistance, through a range of new measures including, credit card in the world and additional. Fee waivers we're. Now offering to. Waive late fees and deferred minimum, payments, for 60 days credit. Card customers, and. We know that. Our credit card many of our credit card customers or small business owners using. Our products, to be expensive. The. Retail bank customers, were now offering, fee waivers, are not City ATM, usage, we're, also extending, our earlier, fee waivers, for, consumers, and small business, and we. Continue, to meet the large an urgent demand of small business across, the country with, hour after hours and we get support.
Over. The past weeks our, bankers have been engaging with many of our small businesses. To, assess their needs and to deliver a critical financial. Solution, now. As, part of the SPS Pension. Protection Program. We're going to be able to help a lot more of our small business customers, these. SBA guaranteed, loans will provide a bridge to, the other side of this health and economic, crisis for many small businesses that. Are doing everything, they can to, retain, their people that our employees, and their, customers. We. Started to take a limited, number about. Process. And original origination. Capabilities. And, so far we originated, about a half a billion dollars. Loans. Through the program, and, we want to make sure that our process, is as smooth as possible for, our clients, as we move pilot. To a large-scale program, and. I've gotta say the city's proud to participate in. This unprecedented. Much-needed. Effort, thank. You again mr., president mr. secretary. Great. Job thank you very much Michael we appreciate, it and, really. A wonderful, job you've done. Remember. When banking used to be a nice simple business, fellas you remember that nice, and simple not simple anymore is it thank. You very much Michael. The. Community, spirit Bank CEO. Bred. And. Responsive. Customers. What community, bankers do and, I'm proud to work at the table I, am, also proud to represent community, Street bank not. Be no way we have a long history of serving, our customers through, good times and, back. To. You with a rural perspective and, we, are $150. Institution, serving over rural, counties, in Northeast. Mississippi and, those were sound. In. Proactive, with, our customers, for weeks the, lion accommodated. 90-day or, modification. And the first problems, I don't. Like consumers. Make small business hours. I'm. Sure that our customers priority. Is on their health and that of their families, we'll, worry about here. The long down, brother that's, what the meeting bike service, across the country but, President, Lincoln bankers and Main Street customers, that we serve I'm so thankful for your leadership, passage. Of the character to the, payroll connection. My. Bank would lock down the program feel something that we, worked through the weekend. Applications. Against, Italy welcome, to as, soon as we gain access, we. Started submitting those loans. Up. To 280 mm submitting loans to get the money flowing and after, today we've, gained approval for lumps and small with $7,000. Average. Long times these around $18,000. This, is real money it's, about the inflow the backs of small businesses, and their employees. President. I know you. Are. Outside. Looking, in. To. The internet. System. Reporting. Resources to get everything back in this country in the suit. Becomes. Rich, president, community, banks. Banking. Presence, in one-third. Hi smug, bitch I'm. Confident, if we can unleash the full brow other. Banks, including the one fighter listed. In the race of circle a box kPa unable. To gain access to the system small, businesses, will be restored, pitch. Will be restored and, our communities, can begin to restore and, get, flourishing, together. I thank, you your administration, for what you're doing through this process I pray, one thing frankly. The administration. I left, my phone we did bankers small, these. Around. Me to be walking. Well-bred, that's really nice I think you're the only Becket, that will pray for me daily but I'm, not too sure about some of those New York guys sitting there they pray for me but, they like me but I don't know if they pray for me so, I appreciate, that very much bread. Michael. You're up MasterCard. Terrific, job. Thank. You mr. president, the actions that you're taking like, the EPP. We. Think. Setups. Provide not only relief, but actually it should in the economy, is going to come roaring, back as. We, get through this now we're, really grateful you included, us today the, banker mr. president, distinguished. Group of policia, from the sector, everybody's. Stepping up as MasterCard. Is but. Is out heavy was saying early a little bit different than this since we don't operate directly then, they.
Now. What. We do is we enable commerce the way we do it we connect banks we, connect merchants, we connect other financial institutions here. In the United States and around the world basically, enable, that the everyday person can, buy goods and services, so, did today that is buying their groceries online, because that's what most people are doing these days. Now. When, you, ask the question weapons, which, is taking place they're, taking place in small businesses, so small business suffers here in the US the. Economy suffers commerce, suffers, and, the whole nation suffers, so. We have a long-standing commitment to, the small business sector there's, lots of products, and solutions out, there that we bring to market without. Now. To NATO I'm, going to make a very, specific. To. Help this situation at, this very immediate time, so. I want, to take this back just three years for a moment, 2017. Administration. Put forward the. 2017. Tax cut and shops back at that, time master, prep decided, to take a step back and say what, do we do with, these funds that are now available maybe. Half. A billion dollars, into, inclusive. Growth which includes, a good focus on small business, now. Today. We, are announcing that, we are taking 250. Million dollars, out of that commitment. Directing. It very specifically, to the small business sector that, will include data. Financial. Resources, tools services. Inside. Whatever, gets the small businesses, back on track to grow their business. They're customers. Now. I give you one very specific example that's, ready to go as, we speak to, help small business out there now. In. This conversation the Small Business Administration, is guaranteeing, loans and, the banks that we have just moved to a facilitating. The loan MasterCard stands ready to support small. Businesses, as. They're, trying to use those funds many of these businesses are shifting the business online these days because, physical, interaction, is just limited that. Exposes. Vulnerabilities. To cyber miss at, both exposes. Vulnerabilities. To identity theft and still cost our solution, in this space will be made available for, free for, the 30 million small, businesses, that are under the program, and their, 60 million employees, 250. Million dollars very specifically, targeted, to the small business sector over, the next five years thank, you well there's fantastic Michael. I appreciate it and that. Really is very, generous, it's going to be very good for you too we, really appreciate, it thank, you. This. Is the last and then we're going to say a few closing remarks and, Live, Oak bank chick. Chip, man is, Tim their chip. Man. Live. Oak. I think, there is so busy making love I think yeah, they're. Doing a lot of love that's alright we'll miss them desperately. Everybody, wants to hear about Live Oak but. Thank, you anyways, yep good job save, this a little time I want. To finish up just I want to, ask. You Baca to say a few marks and then Steve and then I'll say something but I really, appreciate what you're doing Ivanka please thank you well you had mentioned the pledge earlier and how we had called upon the private sector to step up and train, America's, earn and future workforce for. The job they could see us that existed, in this country and we. Were overwhelmed. By the success, of that initiative so, this was really born out of the same concept, we, are all in this fight together as a. Country and as a nation and so. We called upon each of you to to do more and to assist, us in what. Is really, Herculean. Effort so we're appreciative, of, what you've done say, safe stay, healthy stay supportive. Of one another and, really. Thank you for doing your part and making. These very, substantial. Announcements, today thank. You. Steve. Mr. president again thank you you've instructed us to move very fast and we're doing that we're making sure that we get the two trillion dollars into the economy for, American business, American, workers and we, are working full-time with the Fed for our other facilities, that could be as large as another four trillion.
Thank. You very much to you an incredible, job and I hope the media here, can see what an incredible, job the banks have done all. Of the people we've just heard from them done and that, the Treasury and and. All. Of you the small business what you've never been so busy in your life you're setting records every day but. It's really a tribute to government. Really well-run government, and there. Are few, glitches very, few and a little glitch we had. Worked out within minutes within hours and there were a couple of little applications. And they wanted to work it a little bit differently banks had some, suggestions. And it. Was all done probably, I, would say a hundred percent of it in the first day I just, want to congratulate everybody, this become so popular it's, so good for business it's so good for our country and. It's the engine of our country's small business the engine and need a little help and we're, going to give him a little help and it's. Going to be good for you also it's good for our country that makes it good for you so I just want to thank you your friends so many friends up there I'm looking at this beautiful screen, and somebody. From media faces and people I respected, very much admire and, just keep up the great work and anytime, you'd like I'm here I'm at the White House I, suggested. Maybe that, in, about a month from now maybe. When things calm down a little bit with respect to our hidden enemy, Steve. Will set up a meeting and we'll meet. With some of the banks and we'll discuss. What we can do for you to make it just go. Not just this program, but other programs that you want or that you have or if you have ideas for us to. Make. The country, hub and that's what we're going to do we're going to make it hum so you, think of some ideas whether it's a month or two months, we'll, meet at the White House and it'll. Be a very productive meeting so, Steve will set it up thank you all very much congratulations. On this success thank you. Thank. You very much. Thank. You everybody. It's. Moving that McConnell. Is prepared to bring it up on Thursday, and if it passes with unanimous consent, which we would expect, it will it'll go to the house on Friday for. The same approval, process. That. Would that would be a separate issue so right time senator. Will. Come back on that issue right now we're focused on execution. And making sure small business, have all the money they need just, shows you though how positive, it is, look at the, unanimous, vote and. That's. Something and they were talking, about we're negotiating a, face. War we'll see how that all works out but this would be simple, well. Wouldn't have a news conference in a couple of minutes so we'll do that okay. We'll. Talk about it the press conference okay, thank, you I want, this one I'd, like you to focus on this business is really been a tremendous success and then what we're going to do is whether to have, a press conference at about five o'clock 5:15. A. Lot of 30,000, new users coming on to the system, so, they're they're all getting, authenticated. We'll get everybody a prayer thank you everybody.