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.