COVID-19 $349 Billion in Emergency SBA Loans include Proprietors

Actual Transcript from COVID-19 Task Force Briefing on C-SPAN.org - Please read in its entirety 

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.