Protecting those receiving Social Security, Medicare and Medicaid is a priority.
President Trump announced his protection of individuals on Social Security, as well as those receiving Medicare and Medicaid. He introduced the Payroll Protection Plan and had two members of the task force bring that information.
Small Business Administrator Jovita Carranza said that small businesses are a critical part of the fabric of this country, and that SBA is working around the clock in their support, prioritizing emergency capital for them. This relief will help to stabilize small business. There are 30 million small businesses they are focusing on.
She discussed the paycheck protection program that helps keep small businesses open and employees on the payroll. SBA is working closely with local lenders, so that is where small businesses should go. Businesses need to be ready and intact to reopen when the economy is ready.
Independent contractors, independent businesses, charities, including those that are faith-based, are all included. The application is a bit more complex, but they need to meet with their local lenders who will have the details.
“Our hearts go out to those affected by this terrible virus. Our communities are stepping up and we will get through this together,” she said. ”We want small businesses to remain viable with their employees on board. Patience is important, and our work is unrelenting,” Carranza continued.
Treasury Secretary Steve Mnuchin said the last 24 hours has been spent to make the small business Paycheck Program Protection ready to go tomorrow. Employers can get money the same day, so he asked that they bring their workers back on the payroll.
” We are going to raise the interest rate on the loans to 1 percent. This loan will be forgiven if used as the provisions of the plan are adhered to,” the secretary said.
Economic impact payments will be started in two weeks in direct deposits. Anyone with Social Security will not have to file a tax return to get their funds. If the government does not have a direct deposit account number, a check will be mailed.
Lending for larger companies and for local governments is also up and running. Funding is immediate on approvals.
Guidelines for lenders are available in the National Register. They can also find it on sba.gov or treasury.gov.
” We are delivering on our commitments. There is a lot of misinformation out there. This is not going to take five months like prior disbursals of federal funds has taken, ” Secretary Mnuchin assured.
A lot of external resources have been brought in to simplify the process, to have the system up and running tomorrow, and also to keep websites from crashing.
Secretary Mnuchin said the oversight committee being put together by Speaker Pelosi is welcomed, and that the Trump Administration supports full transparency.
” Our objective in all respects is to get things done quickly, using weeks, not months, to get the money out there,” he concluded.
As the Lord Leads, Pray with Us…
- For the Small Business Administration and Treasury Department to be used by God to provide hope to small business owners and employers.
- For the Lord to guide President Trump as he continues to seek ways to protect the economy amid the pandemic.
Sources: C-SPAN, Fox News
