U.S. President Donald Trump attended a roundtable with small business leaders yesterday. There, he reported that the Small Business Administration had processed over 4.6 million loans to small businesses. He also said that this saved an estimated 50 million American jobs.
“Small business is no longer small business, it’s big business,” he said. Then, the president expressed sympathy for the 41% of black-owned businesses and 22% of all small businesses that were forced to close this year due to the coronavirus pandemic.
In discussing the Payroll Protection Program, Trump said he approved over $670 billion for PPP loans. He also mentioned that said he is working with Democrats about doing “something further.”
A Meeting With Small Business Owners
In attendance for the meeting were several small business owners who received PPP loans. According to Trump, “their businesses are on the road to recovery and they’re doing really well. We have a lot of businesses that are doing really well.”
He said “very smart Wall Streeters” originally doubted him after saying the country would experience a “v-shaped” recovery. However, the President said that they all agree with him now. This comes as the country's economic recovery continues to do even better than expected.
“We are talking about a v-shape, we’re almost an i-shape. “I” is straight up and down, I talked about a v-shape and a lot of people disagreed with me, not everybody, but a lot of very smart Wall Streeters were disagreeing, now they are pretty much coming on board, saying it looks like it could be a “v.” So a “v” is the thing we were shooting for and it looks like that’s what we got,” according to Trump.
The President added that small businesses across the nation are now safely reopening. Trump also mentioned that the economic and jobs numbers that were just reported are setting the country up for tremendous growth.
“Last month we added a record 2.5 million jobs, it’s the highest in the history of our country in one month. That’s the highest number of jobs, 2.5 million. The Dow rose about 26,000 points and we saw the largest surge in retail sales ever recorded. Next year is shaping up to be one of the greatest years in the history of our country from an economic standpoint, I truly believe that. I think we’re going to have a great 3rd quarter, we're going to have a great 4th quarter, and next years going to be a phenomenal year.”
The President's Confidence
The economic growth that blossomed under his presidency was paused due to the pandemic. However, he confidently added that it’s almost a given that if we did it once, we can do it again.
“After I was elected President our country added more than 7 million jobs, 12,000 factories and trillions of dollars of wealth. We created nearly 9,000 opportunity zones, and African-American, Asian-American and Hispanic-American unemployment and poverty reached all-time lows. We had the greatest employment numbers we ever had and we had to turn it off,” the president said. He also added that “We saved millions of people by doing it, we did the right thing, and now we’re turning it back on and the numbers are going up much much faster than anybody would have thought. It’s a great honor to see it. We built the strongest economy the world has ever seen before the virus and together we are doing it again.”
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