We had a very big day today. Saying ourtart by love and prayers to every withcan continue, to be our fellow citizens who have lost a cherished friend or Family Member to the violence. Amidst our grief, we are making tremendous strides against this invisible enemy, thanks to our Aggressive Campaign against the virus and the extraordinary talent of our medical professionals. Our mortality rate remains roughly half of that of many other countries and one of the lowest of any country in the and that is due to a lot of things, but our medical professionals have been incredible. Since we announced our guidelines on opening up america, as we call it we say opening up america. I think we can add the word probably again. But that is what it is. We are opening up america again. 20 states, representing 40 of the population, have announced they are making plans and preparations to safely restart their economies in the very near future, so that is 20 states, roughly 40 of our country. Pretty quickly, three announced today, as you know, and they are going to be doing it safely. They are going to be doing it with tremendous passion. They want to get back to work. The country wants to get back to work. A short time ago, the Senate Passed the Paycheck Protection Program and Health Care Enhancement act with additional funding for the paycheck hospitals,program, and testing, a lot of money for all of them, especially for our workers and our Small Businesses. My administration has worked aggressively with congress to negotiate this critical 482 billion funding package. We reached a deal that includes billion inl crucial funding, money to eight hospitals that really need the aid very badly. I am very proud of that, and 25 billion to support coronavirus testing efforts. I urged the house to pass the bill, and they are going to be voting on it, i imagine, very soon. While we are here he is a very busy man, as you know. Secretary mnuchin will be running back, so i think we will talk about that now and take a couple of questions on that, and then he can go and start phase four as the ink is drying. Probably, they will be voting in the house, but shortly, and we have tremendous support. So, steve, please come up and say a few words. Thank you, mr. President , and thank you for all of your work to get this passed. I would like to especially thank Chuck Schumer and Mitch Mcconnell and the entire senate for passing this and also Kevin Mccarthy and nancy pelosi, who have been working with us around the clock, as well, and our chief of staff, mark meadows, who was also very instrumental in this. Let me just comments. We have had tremendous support for the ppe, giving us another 310 billion for the ppe. We look forward to the house passing this tomorrow. It will be up and running quickly after that. This also gives us 50 billion for disaster loans that will allow the sba to make 300 billion of disaster loans for Small Businesses. It also allows us, as the president said, more money to hospitals and an unprecedented amount of money for testing, and again, i think we understand hospitals, not only the hospitals that have been impacted by coronavirus but more importantly many hospitals that have been shut down and making sure that the doctors and nurses get money. Now, let me make just one more comment on the program. We have over one Million Companies that have received this with less than 10 workers. So there is very broad participation in really small business. I will comment there have been some big businesses that have taken these loans. I was pleased to see that shake shack returned the money. We will be putting out some faq s. There is a certification that people are making, and i asked people, just make sure the intent of this was for business that needed the money. We will put out an faq, but again, the intent of this money is not for big, Public Companies that have access to capital. Mr. Secretary, will you request that those other companies obviously, shake shack was not alone in being a big company that got money in this. Are you going to ask them to return that money . They are going to be paying back the money. They should not be taking it. Harvard is going to. When i saw harvard, one of the largest endowments anywhere in the country, maybe the world, and they are going to pay back that money. Mnuchin i just want to clarify. The ppe has not been clear, so we will give people the benefit of the doubt. We will put out an faq explaining the certification. If you pay back the loan right away, you will not have liability to the sba and treasury, but there are severe consequences for people who do not attest properly the certification, and again, we want to make sure this money is available to Small Businesses that need it, people who have invested their entire life savings. We appreciate what is going on, and they are hiring people back. How are you going to assure that that those two small restaurants and bars who did not get the money last time around, that they will get it this time around . Secretary mnuchin like i said, there are a Million Companies that god and who are small. We are working with the banks. That gotion companies it and who are small. We are working with the banks. Thebillion and less, and big banks also, we want everybody to participate. There is no a lot of money back in the program, and we look forward to them getting access to the funds. Brett, great to see you. Do you estimate how long this is going to take . Secretary mnuchin well, let me just say. We are pleased with the success of this program and how quickly this got up operationally. We put out more money in these sba loans than in the last 10 years of sba, so i want to thank all of the banks who have worked really hard. We knew when we pass this originally if there was full take out, we would not have enough money. That is why we have worked with congress for more money. We have already impacted about 30 million workers. There will be a lot more, so i look forward to this being a big impact on the economy. The criminal convictions, having access to some of these programs, and update . Secretary mnuchin we worked with the white house on this. There were actually much more onerous restrictions in the sba program. There were people with misdemeanors who were not able to access the program, longer than five years, and we very much because of the criminal reform legislation that was passed and the work that has been done in the white house by jared and others, we have revised the program, so it is significantly shorter than it was before. We have already taken that into account. I want to emphasize, we did take this into account. There were a lot of people who would not have had access previously, and we changed those regulations. The president talked about a phase four. We all understand about businesses who need this, but how anymore phases can we afford to have or expect to have . Phase see possibly a five, a phase six, a phase seven . Secretary mnuchin first of all, i very much support the support. s talking about infrastructure since the campaign. Roads, bridges, broadband. Especially broadband has been very important. We have talked about restaurants, sports, entertainment, because these have been impacted. The president has talked multiple times about a payroll tax cut, and we are talking about in the case of states, in the states we have heard from the governors and the fiscal issues of the state. I think phase four will be, i think based upon what we are seeing the reopening of the economy and the amount of money we are putting in and working with the federal reserve, i think you will see a lot of the community, and we look forward to business rebounding, especially later this summer. This program, is this the last tranche of money you will need . Secretary mnuchin we expect this is the last trot, but we can reevaluate. Let me be clear. Billion here 310 and another 300 billion in loans. That is over 600 billion put into Small Businesses, which is the backbone of the economy, 50 of the payroll. And to comment what the cost is, we will work with congress on that and will consider it. It could be a big investment. Taxpayer dollars that are going out the door. Oversight,r independent oversight, on behalf of the taxpayer . Secretary mnuchin we supported it in the last legislation. Let me be clear. We have a new inspector general. The president has already picked someone for that position. We look forward to that person being confirmed. Many have been appointed. Lastet me say, we put off week for full transparency. We didnt have to do this. Gov. An go to treasury you can go to the website, and no lender did more than 4 . It showed the businesses. Again, the president and i very much believe in full transparency. We are spending a lot of money and want to make sure it is done effectively and fairly. You started by thanking the leaders in the house and the senate. Can you tell us how easy or hard it was to deal with oversight . Secretary mnuchin we have been working aroundtheclock. I think there has been very good, bipartisan support to get this done. Congress is coming together, understanding the importance of this, and we have been working around the clock for days, so this is important legislation. It is a lot. We spoke to a lot of people. Mark meadows has been fantastic. Like i said, it has been great to have him at the white house. I could not have done this without him working with me, and the president and Vice President have been available to me aroundtheclock. We could not have done this today without unanimous consent with the democrats being on board, and we look forward to this being passed on a bipartisan basis tomorrow. This is a real example of the country coming together to fight this virus. Your best understanding of what Mitch Mcconnell wants . Secretary mnuchin again, i think we are not at the point of designing that. Like any other bill, we will work with centers on both sides on a bipartisan basis. I can tell you there is a lot of support, particular for things like broadband, especially with what is going on today. I was on the campaign with the president. We have been talking about bridges and tunnels and rebuilding this country for years, so the president would like to make a big investment in this. Secretary, 17 billion reserve for openings critical for National Security, and also, the Oil Companies fitting into that, according to the president s tweet . Secretary mnuchin we are in the process of putting out guidance. That part was really designed for National Security companies that were either major suppliers to the department of defense that have topsecret clearance, so that National Security clearance, that National Security provision was clear when we did that. Me toesident has asked work with the secretary of energy. The energy is important to us. This has National Security issues but different. We look forward to looking at what existing capabilities we have and that may be something need to go back to congress to get additional funding for. This be anill Airline Bailout . Sec. Mnuchin its a different situation. What you have with the airlines is we had a very good airline industry. The virus, they basically shut down. We have a situation now with the becauseness, partially demand, but, less partially also because of too much supply. The president is determined. Ourant to the maintain Energy Independence and the president has asked me to look at all of our options and were doing that. Obviously its a pretty extraordinary situation where of oil the front month futures trade negative. Fourthhe issue of the stimulus bill and aid to local governments, any thoughts on that money should be proportionate to the rate of infection in states . Sec. Mnuchin interesting but way too early to consider that. Do on a we do well bipartisan basis. The president has listened to the governors. Opportunity on multiple videoconference calls with the president and Vice President. Out to a lot of people. There are a lot of states impacted but way too early to that level. Reporter you mentioned if a Large Company applies for one of these loans and they manipulate or work the system to get it, are the consequences if a Large Company tried to do any you do . Oans, what can sec. Mnuchin you used the word manipulate. To give people the benefit of the doubt. Were going to put up very clear guidance so that people understand what the certification is, what it means if youre a big company. A provision where there are multiple affiliates that but thean access this intent was not for company that have access to plenty of sources. And other again, to the extent these companies didnt understand this they repay the loans, that will be ok. If not, there will be other consequences. Reporter can you talk about those consequences . Sec. Mnuchin you can look at the certifications. Theyre quite significant. Reporter do you know how many saved in how much p. P. E. Sogone out in far . Sec. Mnuchin the p. P. E. Is 30 million jobs. That doesnt account for other money weve sent out. Were pleased, the direct deposits have gone out. Started sending out the checks. Were going to is supplement our out prepaidd send debit cards to get money out to quickly to people. Everything the president is working on has provided significant stability in the economy while were dealing with difficult time when, for medical reasons, weve closed down major parts of the economy. Much. You very thank you. Pres. Trump good question. So the noble fight against the has inflicted a steep toll on the American Work force, as we all know. Americans have sacrificed their jobs in order to battle the virus and save the lives of our fellow citizens. We have a solemn duty to ensure unemployed americans regain their jobs and livelihoods. Therefore, in order to protect American Workers, i will be issuing a temporary suspension of immigration into the united states. Last night. Out that by pausing immigration, well americansnemployed first in line for jobs as america reopens. So important. And unjust forng americans laid off by the virus with newlaced immigrant labor flown in from abroad. Take care of the American Worker, take care of worker. Ican this cause will be in effect for days, after which the need for any extension or modification will be evaluated by myself and a group of people, Economic Conditions at the time. This order will only apply to permanents seeking a residency. In other words, those receiving green cards. Big factor, will not apply to a temporaryng on basis. As we move forward, well examine what additional related measures should be put in place to protect u. S. Workers. U. S. Nt to protect our workers and i think as we move forward, we will become more and of them. Ective this pause on new immigration to conserve vital medical resources to american citizens. Break from new immigration depending on the time were talking about will protect the solvency of our Healthcare System and provide relief to jobless americans. Today, Vice President pence visited the hard working men and women of General Electric healthcare in madison, who are working three shifts a day to quadruple their production of ventilators. Ahead of schedule on ventilators, as you know. Thats why its never brought up by the media. They dont like to bring things up when were doing so well. G. E. Is also working with ford make 50,000 ventilators in the next 100 days, more than our entire country typically produces in a very long period of time. Doing that in a matter of a few weeks and a few days. Had a veryay, i productive meeting with governor saw, tos you probably discuss his statewide testing strategy and how we can work withher to help command it the goal of doubling testing in and new yorkweeks state will be continuing to control the testing of their citizens and will also manage state and local laboratories. They have a lot of great laboratories there, more than anybody would have ever known, frankly. Federal government will work along with the state on the manufacturers and distributors. Together well all Work Together help them secure additional tests and we hope this model states,k with the other as well. I think it will for the most part. Veryork has a lot of exceptional laboratories but most of the states do. You saw the chart yesterday. Most of the states do. Im proud of the relationship my has forged with say veryand i can honestly with new york state and new york city, theyve been work with. The new york metropolitan area thebeen the epicenter of outbreak here in america and the federal government has spared no expense or resource to get new yorkers the care they the care they deserve. We sent over five Million Masks. Five Million Masks and now that number as of about two days from than doubled. Re thousands of ventilators. Ventilatorsmany that the governors going to be sending up some to massachusetts of other locations. We have a great deal of ventilators which people thought be impossible about a month ago. Andsands of hospital beds was sent, asort you know, to new york, and it was originally for more of a normal medical purpose and we changed it over so that it could the care of people that had unfortunate circumstance of going through the problem that so well. Unfortunately, that we know so well. Thatd from the beginning no american who needs a ventilator would be denied a ventilator and we have kept that promise all over the united states. Think of that. Countries are desperate for ventilators. They have many deaths because they dont have a ventilator. Our vast andrew, if we could bring the comfort back to its we can virginia so that have it for other locations