COVID-19 $349 Billion in Emergency SBA Loans inc. Proprietors (2)

The transcribed words from U.S. Secretary Mnuchin and SBA's Jovita Carrenza are from C-SPAN's coverage of the April 2, 2020 COVID-19 White House Briefing. Read the words for yourself. Any glitch is due to it being compiled from uncorrected Closed Captioning. The letters are in orange to indicate that they are hyperlinked to C-SPAN. 

​C-SPAN Transcript of words by U.S. Secretary of the Treasury Steve Mnunchin

THANK YOU, MR. PRESIDENT, THANK YOU, MR. VICE PRESIDENT, THANK YOU, JOVITA. MR. PRESIDENT, IT IS CLEAR TO US WE NOW NEED TO EXECUTE IT WE NEED TO GET MONEY TO SMALL BUSINESS AND AMERICAN WORKERS, AND THAT IS WHAT WE ARE DOING.

THE SBA AND TREASURY COMMITTED TO GETTING THIS PROGRAM UP AND RUNNING TOMORROW,

​AND WHEN JOVITA SAYS PEOPLE ARE WORKING AROUND THE CLOCK, WE HAD PEOPLE WORKING AROUND 4:00 IN THE MORNING, AND START WORKING AGAIN TODAY. WE HAVE HEARD FEEDBACK FROM COMMUNITY BANKS, REGIONAL BANKS, AND WE HAVE SPENT THE LAST 24 HOURS MAKING THIS SYSTEM EVEN EASIER, SO THIS WILL BE UP AND RUNNING TOMORROW. 

I ENCOURAGE ALL SMALL BUSINESSES THAT HAVE 500 OR FEWER PEOPLE, PLEASE CONTACT YOUR LENDER'S S. ANY FDIC WILL BE ABLE TO DO THIS, ANY LENDERS. YOU GET THE MONEY, YOU GET IT THE SAME DAY. PLEASE BRING YOUR WORKERS BACK TO WORK. IF YOU LET THEM GO, YOU HAVE EIGHT WEEKS, PLUS OVERHEAD. THIS IS A VERY IMPORTANT PROGRAM. 

I AM PLEASED TO ANNOUNCE WE ARE GOING TO RAISE THE INTEREST RATE ON THESE LOANS, AND AGAIN, THE INTEREST RATE IS PAID AS PART OF THE PROGRAM, TO 1%. WE HAD ANNOUNCED IT WOULD BE 50 BASIS POINTS. WE HAVE HEARD FROM SOME SMALLER COMMUNITY BANKS THAT THEIR DEPOSIT COSTS, EVEN THOUGH THE GOVERNMENT IS BORROWING AT THREE OR FOUR BASIS POINTS, THIS IS ON AVERAGE A 90-DAY LOAN, TO MAKE THIS ATTRACTIVE FOR COMMUNITY BANKS, WE HAVE AGREED TO RAISE THE INTEREST RATE. 

AGAIN, I ENCOURAGE EVERYBODY, TAKE OUT THE PAYCHECK PROTECTION PROGRAM. 

​I AM ALSO PLEASED TO REPORT THE ECONOMIC IMPACTS PAYMENTS. I'M PLEASED TO REPORT THAT WITHIN TWO WEEKS THE FIRST PAYMENTS WILL BE DIRECT DEPOSIT INTO TAXPAYERS' ACCOUNTS.

​AND AS THE PRESIDENT SAID LAST NIGHT, THE PRESIDENT AUTHORIZED ME TO SAY THAT ANYBODY WHO HAS SOCIAL SECURITY RECIPIENTS WON'T NEED TO FILE A NEW TAX RETURN AND WE'LL HAVE THAT. IF WE DON'T HAVE YOUR DIRECT DEPOSIT INFORMATION, WE'LL BE PUTTING UP A WEB PORTAL SO YOU CAN PUT THAT UP. IT IS A VERY LARGE PRIORITY, THE PRESIDENT HAS MADE CLEAR WE WANT TO GET THIS MONEY QUICKLY INTO YOUR HANDS. I'M ALSO PLEASED TO REPORT THAT WE CAN WORK CLOSELY WITH THE FEDERAL RESERVE. WE'RE IN THE PROCESS OF DESIGNING A NEW FACILITY THAT WE CALL THE MAIN STREET LENDING FACILITY. WE'RE ALSO LOOKING AT FACILITIES FOR STATE GOVERNMENTS AS WELL.

​AND I'M ALSO PLEASED TO REPORT THE EMPLOYEE RETENTION CREDIT. THE FIRST $10,000 OF WAGES, YOU GET A 50% CREDIT. THAT IS $5,000 PER PERSON. FOR EVERYONE WHO'S KEPT SOMEONE, YOU CAN IMMEDIATELY GET THAT MONEY AND DEDUCT IT WITH WHAT YOU OWE THE I.R.S. IMMEDIATELY. IF YOU DON'T OWE US MONEY, YOU GET A REFUNDABLE TAX CREDIT. THAT IS UP AND RUNNING. I'M PLEASED TO REPORT WE HAVE THE PROGRAM UP AND RUNNING. WE'RE TAKING E APPLICATIONS FROM THE AIRLINE COMPANY AND SECURITY COMPANIES. THANK YOU VERY MUCH, PRESIDENT.

C-SPAN Transcript of words by SBA's Jovita Carranza 

THANK YOU. THANK YOU, MR. PRESIDENT, MR. VICE PRESIDENT, SECRETARY MNUCHIN, IVANKA TRUMP, AND ALL THAT I HAVE BEEN WORKING CLOSELY WITHIN THIS EFFORT.

​SMALL BUSINESS IS THE BACKBONE OF THE AMERICAN ECONOMY, AND THE PRESIDENT HAS PUT THE NATION'S 30 MILLION SMALL BUSINESSES FRONT AND CENTER IN THE RESPONSE EFFORT, AND WE ARE WORKING HARD TO GET MONEY TO THEM QUICKLY. THIS IS AN UNPRECEDENTED EFFORT BY THIS ADMINISTRATION TO SUPPORT SMALL BUSINESSES, AND WE KNOW THAT THERE WILL BE CHALLENGES IN THE PROCESS.

SECRETARY MNUCHIN AND I ARE WORKING IN TANDEM TO ENSURE THAT FEEDBACK FROM OUR PARTNERS IS BEING HEARD AND IMPLEMENTED. THE PRIVATE AND PUBLIC SECTOR MUST WORK CLOSELY TOGETHER TO ENSURE THAT SMALL BUSINESSES AND THEIR WORKERS ARE PUT FIRST. THIS ADMINISTRATION BELIEVES WHOLEHEARTEDLY THAT IF YOU ARE A SMALL BUSINESS, YOU ARE A CRITICAL PART OF THE ECONOMIC FABRIC OF THIS COUNTRY, AND YOUR VIABILITY IS CRITICAL TO THE ECONOMIC WELL-BEING OF YOUR EMPLOYEES. AT SBA, WE ARE WORKING AROUND-THE-CLOCK TO SUPPORT SMALL BUSINESSES, ENSURING THAT WE HAVE PRIORITIZING EMERGENCY CAPITAL FOR SMALL BUSINESSES THAT ARE SUFFERING ECONOMIC HARM AS A RESULT OF THIS UNPRECEDENTED SITUATION. 

THIS RELIEF WILL HELP STABILIZE THE SMALL BUSINESS SECTOR BY PROVIDING BUSINESSES WITH THE FINANCIAL RESOURCES THEY NEED TO KEEP THEIR WORKERS EMPLOYED AND KEEP UP WITH THEIR DAY-TO-DAY OPERATING EXPENSES. 

TODAY, I WANT TO ENSURE THAT SMALL BUSINESSES ALL OVER THE COUNTRY KNOW ABOUT THE PAYCHECK PROTECTION PROGRAM AND HOW THEY CAN BENEFIT FROM THIS. SIMPLY PUT, THE PAYCHECK PROTECTION PROGRAM IS TO HELP KEEP EMPLOYEES ON PAYROLL AND SMALL BUSINESSES OPEN. SBA WILL FORGIVE A PORTION OF THE LOAN THAT IS USED TOWARD JOB RETENTION AND CERTAIN OTHER EXPENSES.

WE ARE WORKING CLOSELY WITH LENDERS, SO THAT BUSINESSES CAN GO DIRECTLY TO THEIR LOCAL LENDERS. THE PAYCHECK PROTECTION PROGRAM IS IN ADDITION TO SUBSTANTIAL WORK THAT THE SBA HAS AND WILL CONTINUE TO DO TO HELP SMALL BUSINESSES, INCLUDING PROVIDING ADVANCES ON SBA DISASTER LOANS AND FORGIVING EXISTING SBA LOAN PAYMENTS OVER THE NEXT SIX MONTH. ADDITIONAL DETAILS ON THESE CRITICALLY IMPORTANT PROGRAMS CAN BE FOUND AT SBA.GOV, AND WE WILL BE UPDATING THESE RESOURCES REGULARLY. 

OUR HEARTS GO OUT TO THOSE AFFECTED BY THIS TERRIBLE VIRUS OUR COMMUNITIES AROUND THE COUNTRY ARE STEPPING UP, AND WE WILL GET THROUGH THIS TOGETHER. AT SBA, WE KNOW THAT EVERY PHONE CALL, EMAIL, OR APPLICATION SUBMITTED HAS A SMALL BUSINESS OWNER, THEIR EMPLOYEES, AND THE COMMUNITIES THEY SUPPORT ARE ON THE OTHER SIDE. 

OUR MOST IMPORTANT OBJECTIVE IS TO ALLOW BUSINESSES TO KEEP THEIR EMPLOYEES ON BOARD AND KEEP THEIR BUSINESSES VIABLE THROUGH THIS UNPRECEDENTED DISRUPTION. 

​I WANTED TO REITERATE THE IMPORTANT OF PATIENTS IN THIS PROCESS AS WE WORK TOGETHER. WE WILL CONTINUE WORKING AROUND THE CLOCK, AS WE HAVE DONE, WITH OUR FEDERAL AND PRIVATE SECTOR PARTNERS, EXPANDING CAPACITY AND WORKING TO MAKE OUR SYSTEMS AS ROBUST AS POSSIBLE TO MEET THE NEEDS. THANK YOU, MR. PRESIDENT.