Apr 7, 2020

Transcript: Donald Trump Holds Meeting on Small Business Relief

Donald Trump Meeting Small Business Relief
RevBlogTranscriptsDonald Trump Press Conference TranscriptsTranscript: Donald Trump Holds Meeting on Small Business Relief

Donald Trump held a meeting with Steve Mnuchin, Ivanka Trump, and several CEO’s on small business coronavirus relief. Read the full transcript of the meeting here.


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Brian Moynihan: (00:00)
The question was, what else could we do to [inaudible 00:00:03] the small businesses? One of the programs that we announced late last week was to work with a group called Community of Financial Institutions, CFI so called. We had two things there. We’re one of the largest supporters of these organizations, which banks loans in the communities throughout the United States. We gave them 10 million dollars in needed operated funds, so they could scale their business to help make loans. Then we added 250 million dollars to our 1.5 billion dollar outstanding in capital for these enterprises, bringing our capital commitment to 1.75 billion. When we moved to the PPP, secretary [inaudible 00:00:36] and I have had many conversations, as our colleagues have, to get this program up and running. From a start Friday morning around 9:30 or 9:45, whenever it was. We were up to about 250000 applications in our company. We are beginning to process those through to the SBA. It will take about [inaudible 00:00:53] which the SBA team is working hard to get set up because when this starts coming, it’s coming a lot of volume.

Brian Moynihan: (00:59)
We have 3000 people working to make sure the customers that we serve have the documents needed to insure they use the proceeds in the right way at the right purpose, at the right amounts. We’re putting that all through and we thank both the SBA and the treasury to how they worked on the program and streamlined it so we could actually get it done faster. The numbers you gave before I don’t think conclude for us a [inaudible 00:01:24] amount of loans. [inaudible 00:01:26] we continue to get several thousand applications every hour. We’re not yet to the second part of the program, which we spoke about earlier in the sole proprietors and the extension. We are prioritizing our work to make sure we serve the clients who have lending relationship with us and a deposit relationship with us. That’s keeping us plenty busy, but we’re her to continue to support this effort. It is a strong effort and we also are ensuring our clients to understand the commitment they’re making to use these funds for the right purposes to keep the employment in America as high as we possibly can during this difficult time.

Donald Trump: (01:59)
Brian, you’ve been fantastic and Bank of America has been incredible. You were right up there right at the beginning. We appreciate it. You probably noticed I mentioned your name a few times two days ago when it all started. We appreciate it very much. Thank you. Thank you very much.

Brian Moynihan: (02:19)
Thank you Mr. President.

Donald Trump: (02:21)
Really great job. Goldman Sachs, a friend of mine for a long time David Solomon, please David. Go ahead.

David Solomon: (02:30)
Thank you Mr. President. Thank you for convening this meeting today. Thank you for what you and your administration are doing to support small businesses. I also want to thank the [inaudible 00:02:39] for generously spending time with pending of all small business graduates, particularly focusing on minorities of women owned businesses, which comprise 66% of all participants. In 2009, Goldman Sachs launched 10000 small businesses. Thousands and thousands of small businesses across the country [inaudible 00:02:59] businesses to create new jobs. At that time, we made the longest private sector investment in vocational colleges. We made the largest single commitment at the time to community development financial institutions. In the last ten years, we built the best in class education model that has reached 9700 businesses who collectively have 12 billion dollars in revenue, and have created over 175000 jobs in the United States.

David Solomon: (03:27)
In our network, our businesses single handedly build up their communities brick by brick. Business owners like Angelica Rivera [inaudible 00:03:34] New Orleans. Angelica helped New Orleans come back up after Katrina and now she’s part of the New Orleans [inaudible 00:03:44] story. She’s taking care of her parents, her children, her business. She’s applying for a PPP loan and working hard to keep her employees. She represents the very real struggle of with every small business America is facing. We know we need to act now to get capital to business owners like Angelica. Just last week we announced that Golden Sachs will work with small business administration and CFIs across the country. Today we’re proud to double our capital commitment to 500 million dollars and announce a total of 550 million in COVID-19 relief efforts. We’ve partnered with CDFIs and other mission based lenders for over a decade helping to deliver small businesses the capital and support they need to fuel their growth.

David Solomon: (04:40)
Businesses need the support urgently. We know the expertise and experience of CDFIs will be crucial. They provide the far reach that’s needed to rural areas, big cities, to underserved areas. Important, to the many businesses who don’t have a relationship with a traditional banking system. While we do not have direct small business customers as a firm, we are acutely aware of the power of small business and we worked hand in hand for over a decade with 10000 women and 10000 small businesses. In addition to loan capital, we’ll provide grant funding to enable CDFIs to hire necessary staff and set up additional operations to help as many businesses as possible. We’re working the SBA and administrator Carranza to swiftly mobilize this capital to those who need it most.

David Solomon: (05:22)
Before I close, we would respectfully request the policy modification, which I think also fits with your design Mr. President to increase the amount of money available, to make sure it does not run out before most of the community driven lenders can access and serve these underserved borrowers. We believe the treasury should work with the SBA to provide a designated [inaudible 00:05:40] for CDFIs and other mission driven lenders. We believe that’s going to curve the re guidance. Otherwise, the businesses served by CFDIs will continue to face an uphill battle in receiving the capital they so desperately and urgently need. We’ll be happy to work with the president on this if you and the secretary concur.

Donald Trump: (05:55)

David Solomon: (05:55)
Thank you for having me today. I appreciate the opportunity to participate.

Donald Trump: (06:08)
Well David that’s fantastic. It’s 550 million. I hope the media understands what that is. It’s a lot. We are going to work on that. We think you’re right and we appreciate it. Thank Dina Powell for me please. She’s been a fantastic friend of ours for a long time. We appreciate it. Great job David. Great job. Thank you.

David Solomon: (06:28)
Thank you Mr. President. Thank you.

Donald Trump: (06:28)
Thank you very much. Darren Williams of Southern Bank Corp, CEO. Hi Darren.

Darren Williams: (06:34)
Hi Mr. President. Thank you very much for having us today. I really appreciate you including the voice of small America, of rural America in this call. Southern Bank Corp, we are 1.5 billion dollar community development financial institution. Just one of those organizations that both [inaudible 00:06:51] and Mr. Solomon were just talking about. We serve the Arkansas [inaudible 00:06:55] Mr. President, this pay check protection program is a bold and aggressive program. It’s been exactly what’s intended. It’s putting Americans back to work. The place that we serve, that is desperately needed. We appreciate it very, very much. As the city of I, 60% of our leading activity must take place in low and moderate income communities. These communities are hurting. People are laid off and they all lack sufficient savings. Typically in an economic downturn, cuts and lower wealth communities are deeper and last longer than the wealthier communities. My bank and other CFIs across America have been working day and night since the program opened on Friday processing applications for both customers and non customers.

Darren Williams: (07:39)
Southern Bank Corp has submitted over 16 million dollars in application SBA ourselves. We began cutting checks to businesses on Friday and we have hundreds more in the queue. On Saturday, we processed an application for a small business in North Eastern Arkansas with less than 2000 dollars was their loan amount. Now I know this may seem very, very small to many. But it was a lifeline for the employees of that small businesses. We have countless more of examples of small businesses in rural America that need this support. As you continue to push for additional support, let me thank you for your announcement today for pushing for additional support of 250 billion dollars for the PPP. Please as Mr. Solomon suggested, please consider a carve out for CDFIs that would include NBIs and those small community banks, because we have a proven track record of promoting economic stabilization, job preservation, and job creation in some of the hardest hit rural, urban, and inner American communities.

Darren Williams: (08:36)
Finally, one question to administrator Carranza. On behalf of small colleges [inaudible 00:08:42] I must acknowledge [inaudible 00:08:46] who’s been very helpful in this issue. We’re looking to determine whether work study students count against the 500 limit of the PP program. Of course, that’s a financial aid program and those students are not [inaudible 00:08:58] but unless we get some guidance on that issue, we’re not exactly sure what to do. So in closing again, Mr. President, let me-

Darren Williams: (09:03)
We need some guidance on that issue. We’re not exactly sure what to do. So in closing again, Mr. President, let me say thank you on behalf of America’s small business. This program has been a life line put in, and we appreciate you and the tremendous effort your administration put forth in such a small amount of time to get to this program launched and off the ground. Thank you. Thank you-

Donald Trump: (09:18)
Thank you.

Darren Williams: (09:19)
Thank you.

Donald Trump: (09:19)
Thank you very much, Darren. Great job. Appreciate it very much. We have Gordon Smith of JP Morgan Chase.

Gordon Smith: (09:27)
Mr. President-

Donald Trump: (09:29)
Thank you.

Gordon Smith: (09:29)
Thank you very much.

Donald Trump: (09:30)
Thank you.

Gordon Smith: (09:30)
Thank you very much for including JP Morgan Chase today. I also just want to start by thanking Treasury and the Small Business Administration. We have been working seven days a week, late into the night in very close partnership to make sure that we could deliver the program. So just a huge thank you to everything that you and your teams have been doing. We’re trying to get the money out to small business owners as quickly as possible and because of that, we’re focusing primarily on our existing customers.

Gordon Smith: (10:04)
As of about 1:00 today, we’ve had 375,000 requests to apply from small businesses in the United States. That will range plus or minus $40 billion in total loans. To give you a little bit of the sense of the loans that we’ve seen so far today, they tend to be at a minimum end of $4,000 and the largest loan of $2.6 million.

Gordon Smith: (10:33)
We also… I believe Brian Moynihan mentioned this earlier… working very closely with the SBA to build a regional connection, which I think we’re literally hours away from. That will continue to accelerate the progress that we’re able to make in terms of getting money out to those small businesses and quickly into the economy.

Gordon Smith: (10:58)
In addition, we continue to lend money aggressively. Revolving credit facilities, so far this year, have increased by $57 billion. We’ve lent an additional $40 billion to consumers and small businesses since the start of this crisis in February. We also announced $50 million in philanthropic support to address the immediate needs of health and longterm economic challenges for small businesses. And today we’re going to announce an additional $150 million of lending capacity to the CDFI’s, that we’ve spoken about today.

Gordon Smith: (11:43)
And in addition, we spoke about this down at the White House, Mr. President, just a few short weeks ago, we provide, we are providing 90-day payment and interest deferral for credit lines for home loans or auto loans for both consumers and the small businesses. We’re deferring payments. We’re waiving fees. We’ve increased the limits to allow customers to deposit checks electronically to avoid them having to come to a bank branch and have them be able to do that from home. As we speak, in addition to the broad streams that I’ve just articulated around school business, we’re preparing for all of the work that, Mr. President, you have in line for the consumer side of the transaction over the course of the next two to three weeks. So a great deal of technologists are working and preparing [silence 00:03:38].

Speaker 2: (12:54)
… Virus in this disease and that’s the-

Donald Trump: (12:56)
… did.

Charles: (12:56)
Yes. Thank you very much, Mr. President. And I also want to make sure that we think Treasury and the SBA for all the work that they’ve done tirelessly over the last couple of weeks in moving the DPP program through the administration.

Donald Trump: (13:16)
Thank you.

Charles: (13:16)
I’d like to take the opportunity today in sharing with you things. We’ve already provided substantial amounts of credit liquidity to our customers to help them weather these times which we all know were not predicted and cause a great deal of uncertainty. So as we think about all that we can do, we look across all our businesses and ask that question every single day. In March alone we extended nearly $70 billion to our customers to help support them in terms of getting through this environment. So far we’ve deferred more than 790,000 payments representing over $2 billion to those who requested it because they’ve been impacted by this virus in some way.

Charles: (14:04)
And we’ve provided over 750,000 fee waivers and all of these numbers will continue to grow as we take calls from our customers. And we’re doing everything we can to make sure that they understand that we’re here to support them. We also are proud to participate in PPP in providing all the support that we can. As you know, the need expressed by our customers has been huge. We specifically are focusing on two segments. We’re focusing on not-for-profits and small businesses with less than 15 employees. Small businesses with less than 15 employees represent approximately 17 million of the small businesses in the U.S. As we all know, they’ve been particularly hard hit and very often have fewer resources to help manage this environment.

Charles: (14:53)
We’ve also made the decision that we would not be keeping the fees on the program. We will be contributing all of the fees received to not-for-profits. That’s for small businesses. It’s just another thing that we think can do to help the small business community out there. And so beyond that we stand ready to continue serve our customers at our branch, by phone, and digitally. As my friends have said, stand ready on the additional programs that are coming down the line so that we’re ready to support our consumers, small businesses and middle market companies as well in the programs that you’ve outlined and will continue to help in a way that we can.

Donald Trump: (15:37)
Well, thank you very much Charles. Great job you’re doing. Appreciate it. Grand Rapids State Bank, CEO Noah Wilcox.

Noah Wilcox: (15:48)
Good afternoon. Thank you, Mr. President. I’m a proud fourth generation community banker from Northern Minnesota. I’m also the current chairman of the Independent Community Bankers of America. As you know, during these unprecedented times our nation’s community banks and my bank, Grand Rapids State Bank, and Minnesota Lakes Bank stand shoulder to shoulder with their small business customers, their consumers in the communities that we serve.

Noah Wilcox: (16:15)
We’ve been doing the modifications for our customers for weeks, doing interest only, doing payment deferrals and reinvesting and donating to local communities where we operate. Despite some difficulties during the first couple of days getting into the system with some banks that had an impact on small businesses that anchor our economy, we worked through the nights and we worked through the weekend to secure as much funding as we could for those in need and those that qualify, especially for those that are willing to continue to keep their workforce on the payroll, working to support what is an otherwise strong underlying economy. We know from an informal survey that about one third of all community banks still do not have access to the system and that means those community banks have been boxed out and unable to serve their communities and their customers. Just imagine the awesome power and the difference the community banking industry could make if we had all 100% of those banks with access to the system.

Noah Wilcox: (17:16)
ICBA remains steadfast in its mission to create and promote an environment where community banks flourish. Part of that’s in maintaining strong local communities with strong local businesses. I want to thank you, Mr. President, Secretary Mnuchin, SBA administrator Carranza. We’re working to make these funds authorized by the CARES Act available to small businesses of our great nation. And I ask that if the need to expand that amount becomes more than what we’ve already allocated as country, that it is done so expeditiously. I appreciate your earlier comments, Mr. President. Thank you for the opportunity to be here today and represent the nation’s community banks.

Donald Trump: (17:56)
Thank you very much, Noah. We’ll get that done and we’ll get it done rapidly. Visa, CEO Al Kelly.

Al Kelly: (18:03)

Donald Trump: (18:03)
Visa CEO, Al Kelly.

Al Kelly: (18:03)
Here. Mr. President, thank you. We’re a little bit different kind of financial institution that is [inaudible 00:18:10] bank. We can do a lot to try to help. We are and will. Yesterday, we announced two grants totally $210 million for small business. One of them aligned with our longterm focus on women’s economic empowerment and economic development, and a second to help with short- term needs that have been caused by the spread of the COBID-19. We’re doing all kinds of other things. We’ve frozen our system at a time where we typically don’t because we want to make sure that it’s stable and resilient and secure at this important time in the US. We are working to make sure that we can help distribute funds to small business owners as quickly as possible. Today, we distributed $2 billion in realtime immediately to small businesses. We want to work on growing that capability. We’re waiving monthly fees for the next few months for people who need to get online, small businesses that want to create an e-commerce gateway. We have a back to business platform, which we use during natural disasters where we provide an online directory informing Americans what businesses are open, and we’re going to expand that as this economy opens back up after we get past the build up of the COVID-19. We also believe, Mr. President, we play a very big role in the actual recovery. I have a team that’s working on business process and marketing class to help small businesses, and for that matter, the travel industry, which brings many, many people here to America and brings our citizens to the cities and other countries around the world. Again, thank you for all you’re doing. I want to thank the Secretary, who has done a terrific job. Larry, Ivanka, who’s done a great job on this, as well as the workforce board that I sat, I had the privilege of sitting on with her, and then who administers grants as well, for all you’re doing.

Donald Trump: (20:07)
Thank you very much Al, and bringing back the travel is going to be a very big thing. We’re working with the airlines and we’re going to bring them back. I guess they need help, Steve, at a high level. But we’re going to bring them back. They’re ready to go. So thank you very much for what you said, and for the great job you do, Al. Citibank.

Michael Corbat: (20:26)
[inaudible 00:00:20:26].

Donald Trump: (20:27)
How are you, Michael? Hi.

Michael Corbat: (20:31)
Good. Hi, sir. How are you?

Donald Trump: (20:32)
It’s good, Mike.

Michael Corbat: (20:34)
Thank you. Thank you, Mr. President.

Donald Trump: (20:35)
Great job you’re doing. Thank you.

Michael Corbat: (20:39)
Thank you. Thank you, Mr. President. Thank you Secretary Mnuchin and Ivanka for the opportunity for Citi and me to have the ability to talk about our efforts to help consumers and small business weather this crisis. Mr. President, when we met in the White House in March, I told you that we were here to help support the American economy and American workers. We’ve been working relief with our customers for more than a month now. On March 6th, we announced assistance measures for retail bank customers, small businesses in the US who’ve been impacted by COBID-19. Today, we expanded that assistance through a range of new ventures, including credit card payment deferrals and additional fee waivers. We’re now offering to waive late fees to defer minimum payments for 60 days for our credit card customers, and we know that many of our credit card customers are small business owners using our products to meet expenses. The retail bank customers are now offering fee waivers on non Citi ATM usage.

Michael Corbat: (21:42)
We’re also extending our earlier fee waivers for consumers and small business, and we continue to meet the large urgent demand of small business across the country with our after hours and weekend support. Over the past weeks, our backers have been engaging with many of our small businesses to assess their needs and to deliver critical financial solutions. Now, as part of the SBH paycheck protection program, we’re going to be able to help a lot more of our small business customers. The assist of the DRD loans will provide a bridge to the other side of this health and economic crisis for many small businesses that are doing everything they can to retain their people, their employees and their customers. We’ve started to take a limited number of applications to test our process and origination capabilities, and so far we’ve originated about a half a billion dollars of loans through the program. We want to make sure that our process is as smooth as possible for our clients as we move to apply that to a large scale program.

Michael Corbat: (22:48)
Now, I’ve got to say that Citi is proud to participate in this unprecedented and much needed effort. Thank you again, Mr. President, Mr. Secretary and Ivanka, for having me today.

Donald Trump: (22:59)
Yeah. Great job. Thank you very much, Michael. We appreciate it. Really a wonderful job you’ve done. Remember when banking used to be a nice simple business? Fellas, you remember that? Nice and simple. Not simple anymore is it? Thank you very much Michael.

Michael Corbat: (23:15)
Not as simple as it used to be.

Donald Trump: (23:18)
The Community Spirit Bank CEO, Brad Bolton.

Brad Bolton: (23:26)
Good afternoon. Thank you, Mr. President for allowing me to be a part of this event. Being accessible and responsive to our customers is what community bankers do. I’m proud to wear the title of a community banker. I’m also proud to represent Community Spirit Bank. Discovered in 1908, we have a lot of history of serving our customers through good times and bad. We come to you with a rural perspective. We are a 150 million dollar institution serving four rural counties in Northeast Mississippi and Northwest Alabama. Our bank, our banks across the country have been working proactively with our customers for weeks, relying on accommodating [inaudible 00:24:07] our consumers and small business owners. We make sure that our customer’s priority is on their health and that of their families. We’ll worry about taking care of the loans [inaudible 00:24:21] community banks does across the country.

Brad Bolton: (24:26)
Mr. President, community bankers and mainstream customers that we serve are so thankful for your leadership in passage of the CARES Act. In particular, the payroll protection program. My bankers [Inaudible 00:24:37] until Sunday night. We worked through the weekend submitting applications [inaudible 00:24:44]. As soon as we gained access, we started submitting those loans. As a matter of fact, I was up three nights up to 2:00 AM, submitting loans to get the money flowing. As of today, we’ve made approval for loans as small as $7, 000, and our average loan size is around $82,000. This is real money that’s about to get flowed back to small businesses and their employees.

Brad Bolton: (25:07)
Mr. President, I know that you are problem solving. No challenge is too big for your leadership. That’s why I also want you to know that many of my community bank friends do remain on the outside looking in, unable to gain access to the SBA E-Tran system. I ask you to employ the resources to get every community bank in this country, in this district. Why? Because Mr. President, community banks represent the only banking presence in one third of all US counties [inaudible 00:25:39] small business owners. I’m confident if we can unleash the full power of those community banks including the one third listed in a recent survey [inaudible 00:25:49] are unable to gain access to the systems, small businesses will be restored, communication will be restored, and our communities can begin to restore and begin flourishing again. Mr. President, I thank you and your administration for what you’re doing during this crisis. I pray for you daily. I pray for your administration and for both my fellow Community bankers and small businesses that may suffer. Thank you for allowing me to be a part today.

Donald Trump: (26:16)
Well, Brad, that’s really nice. I think you’re the only banker that will pray for me daily. But I’m not too sure about some of those New York guys sitting there, if they pray for me. But they like me, but I don’t know if they pray for me, so I appreciate that very much, Brad. Michael, you’re up. MasterCard. Terrific job.

Michael Miebach: (26:35)
Thank you, Mr. President. The actions that you’re taking, like the PDP, we set up to provide not only relief, but actually ensure that the economy is going to come roaring back as we get through this. Now, we’re really grateful you included us today, Ivanka, Mr. President. Distinguished group of colleagues here from the sector. Everybody’s stepping up, as MasterCard is. But as Al Kelly was saying earlier, we’re a little bit different in this since we don’t operate directly …

Michael Miebach: (27:03)
We were saying earlier, we are a little bit different in this since we don’t operate directly in [inaudible 00:27:05]. Now what we do is we enable commerce. The way we do it, is we connect banks, we connect merchants, we connect other financial institutions here in the United States and around the world, to basically enable that the everyday person can buy goods and services. So then today that is buying your groceries online, because that’s what most people are doing these days. Now when you asked the question, “Where are these purchases taking place?” They’re taking place with small businesses. So if small business suffers here in the US, the economy suffers, Congress suffers, and the whole nation suffers.

Michael Miebach: (27:39)
So we have a long standing commitment to the small business sector. There’s lots of products and solutions out there that we bring to market with our banking partners. Now today though, I’m going to make a very specific commitment to help this situation at this very needed time.

Michael Miebach: (27:56)
So I want to take us back just three years for a moment. In 2017 the administration put forward the 2017 Tax Cut and Jobs Act. At that time, MasterCard decided to take a step back and say, ‘what do we do with these funds that are now available to us?” We made a commitment to put half a billion dollars into inclusive growth, which includes a good focus on small business.

Michael Miebach: (28:20)
Now today, we are announcing that we are taking $250 million out of that commitment and directing it very specifically to the small business sector. That will include data, that will include financial resources, tools, services, insights, whatever gets the small businesses back on track to grow their business and serve their customers.

Michael Miebach: (28:45)
Now I give you one very specific example that’s ready to go as we speak to help small businesses out there? Now in this conversation, the Small Business Administrations is guaranteeing loans and the banks that we have just referred to are facilitating the loans. MasterCard stands ready to support small businesses as they’re trying to use those funds. Many of these businesses are shifting the business online these days, because physical interaction is just limited. That exposes vulnerabilities to cyber risk, exposes vulnerabilities to identity theft and so forth. Our solution in this space will be made available for free for the 30 million small businesses that are under the program and their 60 million employees,. $250 million, very specifically targeted to the small business sector over the next five years. Thank up Mr. President.

Donald Trump: (29:34)
Well that’s fantastic Michael. I appreciate it and that really is very generous. It’s going to be very good for you, too. We really appreciate it. Thank you.

Michael Miebach: (29:42)
Thank you very much.

Donald Trump: (29:44)
This is the last and then we’re going to say a few closing remarks. And Live Oak Bank and Chip Mahan, is Chip there? Chip? Live Oak?

Steve Mnuchin: (30:03)
I think they’re so busy making loans that [crosstalk 00:30:06].

Donald Trump: (30:08)
I think they’re too busy. Yeah. They’re doing a lot of loans. That’s all right. We’ll miss them desperately. Everybody wants to hear about Live Oak. But thank you, anyway Chip. Good job. Saved us a little time. I want to finish off, just I want to ask Ivanka to say a few remarks and then Steve and then I’ll say something. But we really appreciate what you’re doing. Ivanka, please.

Ivanka Trump: (30:27)
Thank you. Well, you had mentioned the pledge earlier and how we had called upon the private sector to step up and train America’s current and future workforce for the jobs they could see that existed in this country. And we were overwhelmed by the success of that initiative. So this was really born out of the same concept. We are all in this fight together as a country and as a nation. And so we called upon each of you to do more and to assist us in what is a really Herculean effort. So we’re appreciative of what you’ve done, stay safe, stay healthy, stay supportive of one another, and really thank you for doing your part and making these very substantial announcements today.

Donald Trump: (31:11)
Thank you, honey, very much. Steve?

Steve Mnuchin: (31:13)
Mr. President, again, thank you. You’ve instructed us to move very fast and we’re doing that. We’re making sure that we get the $2 trillion into the economy for American business, American workers and we are working full time with the Fed for our other facilities that could be as large as another $4 trillion.

Donald Trump: (31:31)
Thank you very much Steve. An incredible job, and I hope the media here can see what an incredible job the banks have done. All of the people we’ve just heard from have done, and that the Treasury and all of you as small business, you’ve never been so busy in your life. You’re setting records every day. But it’s really a tribute to government, really well run government. And there are few glitches, very few. Any little glitch we had worked out within minutes, within hours. And there were a couple of little applications and they wanted to work it a little bit differently. Bank had some suggestions and it was all done, probably, I would say 100% of it in the first day. I just want to congratulate everybody. This has become so popular. It’s so good for business. It’s so good for our country and it’s the engine of our country. Small business is the engine. They need a little help and we’re going to give them a little help and it’s going to be good for you all. So it’s good for our country, that makes it good for you.

Donald Trump: (32:29)
So I just want to thank you, your friends. So many friends up there. I’m looking at this beautiful screen, and so many familiar faces and people I respect and very much admire. And just keep up the great work and anytime you’d like, I’m here. I’m in the White House. I suggest maybe that in about a month from now, maybe when things calm down a little bit with respect to our hidden enemy, Steve, will set up a meeting and we’ll meet with some of the banks and discuss what we can do for you to make it just go. Not just this program, but other programs that you want or that you have, or if you have ideas for us to make the country hum. And that’s what we’re going to do. We’re going to make it hum. So if you think of some ideas, whether it’s a month or two months we’ll, we’ll meet at the White House and it’ll be a very productive meeting. So Steve will set it up. Thank you all very much. Congratulations on the success. Thank you.

Speaker 3: (33:21)
Thank you very much, Mr. President.

Donald Trump: (33:21)
Thank you, very much.

Speaker 4: (33:26)
Mr. President, how quickly can you move on that?

Donald Trump: (33:28)
Thank you very much.

Speaker 4: (33:31)
Mr. President-

Speaker 5: (33:31)
Thank you Mr. President.

Donald Trump: (33:31)
Thank you everybody. Thank you. Okay. Please.

Speaker 6: (33:31)
Thank you Mr. President.

Donald Trump: (33:34)
Thanks. Thanks. Okay. Yes?

Speaker 4: (33:45)
How quickly can you move on that $250 billion supplemental?

Donald Trump: (33:47)
Oh, it’s moving now.

Steve Mnuchin: (33:49)
Senator McConnell is prepared to bring it up on Thursday. And if it passes with unanimous consent, which we would expect it, it will go to the house on Friday for the same approval process.

Speaker 4: (33:58)
And would that be in addition to a second round of direct payments separate?

Steve Mnuchin: (34:04)
That would be a separate issue so we’re right [crosstalk 00:34:06].

Donald Trump: (34:05)
Totally separate.

Speaker 4: (34:05)
So how quickly would that move?

Steve Mnuchin: (34:08)
We’ll come back on that issue. Right now we’re focused on execution and making sure small business have all the money they need.

Donald Trump: (34:13)
Just shows you though how positive it is. I mean, they’re looking at a unanimous vote and that’s something. And we’re talking about, we’re negotiating a phase four. We’ll see how that all works out. But this would be separate.

Speaker 4: (34:27)
And also Mr. President-

Donald Trump: (34:27)
But we’re going to have a news conference in a couple of minutes, so we’ll do that. Okay?

Speaker 4: (34:30)
Very quickly, did you see Peter Navarro’s memo that he wrote warning about the Coronavirus on January 29th?

Donald Trump: (34:35)
I know all about it. We’ll talk about it at the press conference.

Speaker 4: (34:38)
Can you tell us if you saw it?

Donald Trump: (34:39)
I want this … I’d like you to focus on this because this has really been a tremendous success. And then what we’re going to do is we’re going to have a press conference at about 5:00, 5:15, and we’ll talk about that.

Speaker 4: (34:49)
For the evening news casts though, Mr. President-

Speaker 7: (34:54)
I have a question on this, you heard a couple of the community bankers that were asking, just saying one third of community banks hadn’t [inaudible 00:34:59] accessing the system. What’s the hold up there and what do you working [crosstalk 00:35:00].

Steve Mnuchin: (35:01)
There’s just a lot of … 30,000 new users coming on to the system. So they’re all getting authenticated. We’ll get everybody approved. Thank you everybody.

Speaker 4: (35:08)
Thank you.

Speaker 7: (35:08)
We’ll be back later. [crosstalk 00:35:13].

Speaker 5: (35:25)
Appreciate it. [crosstalk 00:35:25]

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