Administration Updates / Coronavirus / Economic Developments

May 4th Coronavirus Update from the Trump Administration

corronavirusSecond Round of Paycheck Protection Program Funding

  • President Trump fought to secure billions of additional funding to keep providing relief to America’s small businesses.
  • Since the second round of PPP loan processing began, 2.2 million loans have been processed, worth more than $175 billion.
  • The number of loans provided has already surpassed the total number of loans from the first round of PPP assistance.
  • PPP loans are truly helping the smallest of small businesses, with an average loan of $79,000 so far in the second round.

Swift Results for Small Businesses

  • Since the launch of the Paycheck Protection program, the Small Business Administration (SBA) has processed over 3.8 million loans in less than a month.
  • The Trump Administration has provided more than half a trillion in dollars in support for small businesses so far under PPP – an unprecedented and swift lifeline for struggling businesses.
  • President Trump’s efforts to support small businesses have saved tens of millions of jobs for American workers.
    • PRESIDENT TRUMP: “Our swift actions supported or saved 30 million jobs, at least.”

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