Trump says SBA during coronavirus has processed $4.6B+ in small business loans, saving 50M jobs
22% of small businesses were forced to close due to COVID-19, 41% were black-owned: Trump
In a roundtable with small business leaders Thursday, President Trump announced the Small Business Administration has processed more than $4.6 billion in SBA Loans, saving an estimated 50 million American jobs.
HOUSE DEMOCRATS ACCUSE SBA OF ILLEGALLY BLOCKING OVERSIGHT OF LENDING PROGRAMS
Trump touted the more than $670 billion he approved for the Paycheck Protection Progam, which he called a "huge success for small business."
"We're here to help businesses and to help people," Trump added. "The small business owners that we have with us this afternoon all received the PPP loans and now their businesses are on the road to recovery and they're doing really well."
President Donald Trump speaks during a roundtable with governors on the reopening of America's small businesses, in the State Dining Room of the White House, Thursday, June 18, 2020, in Washington. (AP Photo/Alex Brandon)
According to Trump, 22 percent of America's small businesses were forced to close due to the coronavirus pandemic, 41 percent of which were black-owned businesses.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Trump added that based on recent economic data it looks like the United States will have a V-shaped recovery from the pandemic.
"We're talking about a V-shaped [recovery], we're almost like an I-shape," Trump said. "A V is the thing we were shooting for and it looks like that's what we've got."
He noted last month's jobs report, which saw a record 2.5 million jobs added, as well as Tuesday's retail sales report, which showed the biggest monthly increase on record of 17.7 percent. He also reiterated the stock market advances over the last month, including the Dow Jones Industrial Average rising above 26,000 points and the NASDAQ hitting a record high.
"Next year is shaping up to be one of the greatest years in the history of the country from an economic standpoint," Trump said. "We built the strongest economy the world has ever seen before the virus and together we're doing it again."