At Friday’s White House coronavirus task force press conference, President Trump urged Nancy Pelosi to re-open Congress and authorize more money for the Paycheck Protection Act, which is providing loans to small businesses impacted by the coronavirus lockdown.
“It’s been a tremendous success. It’s been executed flawlessly it’s been I mean with few exceptions it’s really been good and I think the Democrats are going to do it,” he said. “Look Nancy Pelosi she’s away on vacation or something and she should come back. She should come back and get this done I don’t know why she’s not coming back.”
QUESTION: Mr. President, we know negotiations are underway for the next round of funding for small businesses. If tens of billions of dollars went in a matter of days the first time, will this next relief package be enough?
PRESIDENT DONALD TRUMP: Well I think it will certainly–it’s going to get us to a point that’s going to be rather beautiful. We think that that will be the point, and it could they be they want more, but may be at a certain point, we’re going to stop. It’s been a tremendous success, it’s been executed flawlessly.
SBA has done a very good job, but the banks have done a great job with her was Bank of America or Wells Fargo. The–the community banks have been incredible. I think we had over 4000 community banks. A lot of people didn’t know you had that many banks, but 4000 community banks, they give the money out. It’s so organized and it’s been such a great program.
And so essentially, we’re waiting for $250 billion. The Democrats are refusing to do it. This is money that, essentially, is going to the workers. It’s going to keep these companies whole. Restaurants and a lot of great companies. And it’s a small–represents small businesses, it represents them staying in business and you know when you look at the people don’t know small businesses represent approximately 50 percent of the power of our business enterprises it is not all of the big monster businesses that you read about every day. It is all of these small businesses when added. It is something that should be approved for the Democrats; the Republicans want it badly and the people want it very badly.
QUESTION: If I could just follow up on that nearly 10 percent of the loans that were given that were given out were for $5 million but some small business owners say they can’t even get a loan for $100,000. Is that acceptable?
TRUMP: Well, they would–no, they would get that but they have to approve–nobody knew it was going to be this successful. Don’t forget when you say the money is gone it’s been a tremendous success as a program. People are–are–they really want it and some people won’t be able to get their–keep their businesses open unless they get that money.
It’s been a tremendous success. It’s been executed flawlessly it’s been I mean with few exceptions it’s really been good and I think the Democrats are going to do it. Look Nancy Pelosi she’s away on vacation or something and she should come back. She should come back and get this done I don’t know why she’s not coming back. The fact is she’s not doing her job and there’s nothing unusual about that for her.