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  • we need to get money to small business and American workers, and that's what we're doing.

  • The S P a and Treasury committed to get this program up and running tomorrow.

  • And when Jovita says People working around the clock, they literally we had both teams working till four o'clock in the morning and start working again.

  • Today we've heard feedback from lenders, community banks, regional banks and we spent the last 24 hours making this system even easier.

  • So this will be up and running tomorrow.

  • I encourage all small businesses that have 500 or fewer people.

  • Please contact your lenders any f d I C institution will be able to do this.

  • Any credit union Existing SP A Lenders in Fintech lenders uh, you get the money, you'll get it the same day.

  • You use this to pay your workers.

  • Please bring your workers back to work.

  • If you've let them go, you have eight weeks plus overhead.

  • Thistle's a very important program.

  • I'm pleased to announce way are going to raise the interest rate on these loans, and again the interest rate is paid for his part of the program.

  • The bar doesn't have to pay this toe 1%.

  • We had announced it was going to be 50 basis points.

  • We've heard from some smaller community banks that their deposit costs even though the government's borrowing at three or four basis points, this is on average and 90 day loan.

  • To make this attractive for community banks, we've agreed Thio to raise the interest rate again.

  • I encourage everybody take out the paycheck protection program.

  • I'm also pleased to report the economic impact payments.

  • I previously said this would take us three weeks.

  • I'm pleased to report that within two weeks the first payments will be direct deposit into taxpayers account.

  • And as the president said last night, the president authorized me to say that anybody who has Social Security recipients won't need to file a new tax return, and we'll have that if we don't have your direct deposit, information will be putting up a Web portal so that you can put that up.

  • It is a very large priority.

  • The president has made clear we want to get this money quickly into your hands.

  • I'm also pleased to report that we continue to work closely with the Federal Reserve.

  • We're in the process of designing a new facility that we call the main street lending facility.

  • We're also looking at facilities for state governments as well, and I'm also pleased to report the employee retention credit.

  • It's up and running the 1st $10,000 of wages.

  • You get a 50% credit.

  • That's $5000 per person for everyone who's kept someone, you can immediately get that money.

  • You can deduct it from what you owe the I Rs immediately.

  • If you don't know us money, you'll get a refundable tax credit, so that is up and running.

  • I'm also pleased to report we have the program up and running.

  • We're taking applications from the airlines from the cargo companies and from national security companies.

  • Hi, everyone.

  • George Stephanopoulos here.

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we need to get money to small business and American workers, and that's what we're doing.

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