Pres. Trump ok, thank you very much. Good to be with you all. Phase in a very critical in our war against the coronavirus. It is vital that every american follows our guidelines on the 30 days to slow the spread, the sacrifices we make over the next four weeks will have countless american lives saved. We are going to save a lot of american lives, and we are in control of our own fate, very much so, maintaining social distance, practicing vigorous hygiene, and staying at home are your most effective ways to win the war and to escape danger. While you are fighting this battle at home, we are working with the best doctors, scientists, and researchers anywhere in the world. We are racing to develop new ways to protect against the virus as well as therapies and ultimately a vaccine, and we are making a lot of progress. Medically, a lot of progress. At the same time, we are racing to get relief to American Workers and Small Businesses, as you know. I want to remind all Business Owners across america that the Paycheck Protection Program is launching tomorrow. Nearly 350 billion in loans will be available to Small Businesses, including sole proprietors. 100 loans are up to forgivable, as long as employers keep paying their workers you have got to keep paying your workers. That theyu to know are typically not required to file a tax return, they do not one to receive a cash payment that will soon be distributed to the american citizens. The treasury will deposit the money directly into the bank accounts, and dont forget, we will always protect your Social Security, your medicare, and your medicaid. We are protecting Social Security, medicare, and medicaid, and i always will. I would like to invite the sba administrator, doing a fantastic job. Mnuchin tory steve say a few words about these vital initiatives, and then we will get onto the attack of the virus itself, and please, if i might, steve and jovia. Thank you. 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 nations 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 wellbeing of your employees. At sba, we are working aroundtheclock 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. 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 daytoday 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 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 , withock, as we have done 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. Pres. Trump very good. Thank you. Sec. Mnuchin 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 lenders s. 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 90day 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. Im pleased to report that within two weeks the first direct deposit e into taxpayers accounts. And as the president said last night, the president authorized me to say that anybody who has Social Security recipients a new tax to file return and well have that. If we dont have your direct deposit information, well be putting up a web portal so you can put that up. A very large priority, the president has made clear we want to get this money quickly into your hands. Im also pleased to report that with the rk closely Federal Reserve. Were in the process of designing a new facility that we call the main Street Lending facility. Were also looking at facilities for state governments as well. And im 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 whos kept someone, you can immediately that money and deduct it with what you owe the i. R. S. Immediately. You ou dont owe us money, get a refundable tax credit. That is up and running. Im pleased to report we have program up and running. E applications from the Airline Company and security companies. Thank you very much, president. Thank you. For jovita or steve, any question . S reporter mr. Secretary, chase bank sent a letter to its business clients saying it doesnt have necessary guidance from the s. B. A. , the treasury to accept to be able loan applications starting tomorrow. The need is enormous. One major bank says theyre not fully empowered i spoke to all the c. E. O. S yesterday. Had a Conference Call with them. We got very good input from them on what they needed. People are working until 4 00. I believe we just put up the with the new ter guidelines for lenders. Ive been assured that the rocess ill be in the p starting tomorrow. Now, again, it is going to take a little bit of time, but we will be d that this available tomorrow and to courage all companies go sba. Com, treasury. Gov and you see the information immediately. Reporter a number of small Business Owners say they were on that Conference Call and tremendous power struggle going on between the and that, nd s. B. A. As over process and forms what they tell me that lenders are because they cant make enough money to even service the loans. How are you going to make sure these small Business Owners go et the capital they need to survive right now . First of all, i can assure you, jovita is here and she used to work for me as the treasurer. There is no power struggle. Jovita and our team, as i said, worked together until 4 00 in the morning. Started working at 7 00 again. We made the forms simpler and i n assure you, five points. Ive told these bankers they should take older traders and put them into branches. There will never be another opportunity to earn five points on a 90day fully guaranteed government loan. Reporter [inaudible] direct deposit, i. R. S. Now saying it will take four to five months. You are saying two weeks . Let me be clear. I dont know where youre hearing these things. I told you this would be three weeks. Im now committing to two weeks. Were delivering on our commitments. I oversee, which within two weeks. The first money will be in peoples accounts. [shouting] reporter not about the first check for folks who have direct deposit. Go out like those will pretty quickly. The question is folks who dont have direct deposit and there staff memo released by the house ways and Means Committee saying that that five ss could take up to weeks to mid august. That is not going to take five again, let me just say obama sent out these checks, it took month and months and months. I am assuring the American Public they need the money now. What were going to do is, again, if we have your youll get it in within two weeks. Social security, youll get it that. Uickly after if we dont have your information, youll have a simple web portal. You will upload it. If you dont have that, well send you checks in the mail. Checks rter how many can you process in a week . We can process a lot of checks but we dont want to send checks. Environment, we dont want people to get checks and want to put money directly into their account. Thank you, mr. Secretary. This is for both you and the administrator. Theres been anecdotetal Business People trying to get access to the online sites, submit the applications. The website has been crashing. I heard of webinars going too line because there are many people on them. How are you going to be ready tomorrow to get these loans out . In a lot of t External Resources at s. B. A. Res s to make sure the additional capacity. As i said, we heard a lot of to d feedback yesterday simplify this process. Its going to be up and running. Now let me just be clear. That doesnt mean everybody is going to get their loan tomorrow. But the system will be up and running. The ncourage people over next week, sign up. You can go on the web and see what information you need. Very simple process. Mr. Secretary, on a Supreme Court separate subject, have speaker in touch with mcconnell and Speaker Pelosi another stimulus package . Ive spoken to the leader, ive spoken to the speaker, ve spoken to the president constantly. When the president s ready and thinks we should do the next stage, were ready. The president s talked about the issue of infrastructure since the campaign. Thats a big priority for him. And, again, if we run out of money on the Small Business right m, well be back away to congress to get this increased. Does the unemployment numbers today increase the urgency of doing a phase four . Just say, you e know, were going through something that weve never done before. Where the government has shut down big parts of the economy because of health reasons. Our economy was in great shape. Our companies were in great shape. There are three ways that americans are going to be protected. For Small Business, theyll get paid by their business through this program. The direct deposit, theres also enhanced unemployment. So we realize, unfortunately, there are a lot of companies that, because they arent in of iness over a short period time, again were working with on enhanced the ployment and as soon as allclear is given, well have a ton of liquidity. We have 6 trillion. Never been done between us and the fed to put into the economy to support American Workers and American Business. Reporter mr. Secretary, in addition to the jobless numbers today, [inaudible] was signed before the social distancing guidelines were extended for another month. So, what additional relief are americans to give to as they stay out of work for all these extra works . What are you waiting for . Well, in designing this had ram, we thought that we liquidity for about 10 weeks and that is what weve designed. I think the president has been very clear that if we need to go further to support the American Economy and American Workers, well be doing that. Reporter secretary mnuchin, House Speaker nancy pelosi has length ble] a full committee to oversee the distribution of recovery funds and she wants to make sure those funds are widely and efficiently spent. Do you think that select committee is something thats necessary . I dont. The both know, parties wanted us to have oversight. Wanted us to have transparency. We have full transparency. We have a Oversight Committee gets to pick ker someone, the leader gets to pick someone. I believe theres five people on it. And, again, that committee will review the money that were spending. Again, we support full transparency. Taxpayers should understand how this economy and jobs. Reporter mr. Secretary, senator mykowski has asked you to consider providing ] under the phase three bill. What are your thoughts on that . Would you consider providing loans to energy companis . Thank you. And let me clarify. I have very limited ability to out of the oans treasury. Can do them for passenger airlines, cargo airlines, contractors and National Security companies. Outside of that, work with the Federal Reserve to create broadbased Lending Facility we will do. Our expectation is the energy companies, like all of our other companies, will be able to participate in broadbased the lities, whether its corporate facility or whether its the main street facility. But not direct lending out of the treasury. Is reporter the question for clarity about direct payments to americans. For those folks who dont have or direct deposit online, how long do they have to wait . For people who dont have direct deposit, again well way they put it up. We can on a rolling basis. I think within a couple of days when they give it to us. Well send the money out. We do realize there are people who are underbanked. Again, were working with all the digital companies, prepaid debit cards. All of them g with to make sure we have a process that every american gets their money quickly. This money does people no good if it shows up in four months and well deliver on that promise. Reporter so its a matter of weeks and not months. That is correct. Reporter would you consider a moratorium go ahead. Reporter mr. Secretary, one area you can make direct loans is the airlines. Do you expect the treasury domestic and the department and the federal government will be overseeing the operation of airlines as it pertains to which routes get cut back, how much they what they do about their employees and the like. So, there are very strict built into s thats the bill. Again, this was a bipartisan requirement. Do with the g we airlines they have to maintain, substantially all of their employees. Any money that we provide them will go to pay their employees. Were going to be working with the secretary of transportation. There are requirements to maintain certain routes. We have a very clear process. We hired three outside advisers. Financial advisers and three law firms will be releasing that information shortly and i want to thank them. They