Senior Advisor to the President Ivanka Trump joined President Trump and his top administration officials in a teleconference call with banking executives Roosevelt Room on Tuesday to discuss America’s effort to deliver financial and technical assistance to our Nation’s small businesses.
Looking business elegant for the tele conference meeting, Ivanka wore a bright red short sleeve midi dress from Brandon Maxwell. From the designer’s Pre-Spring 2020 collection, the draped dress is cut from wool-crepe and features a draped neckline, fitted-skimming shape bodice and a slit at the back of the hem. It retails for $1,795 and is available at Bergdorf Goodman.
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Joining Ivanka and President Trump to announce their private help and outline their focus with the payroll plan in the small business update call were White House economic adviser Larry Kudlow, Treasury Secretary Steven Mnuchin, and Administrator Jovita Carranza of the Small Business Administration.
Last week, the Trump administration launched the Paycheck Protection Program with over $70 billion in guaranteed loans processed by the Small Business Administration. Under the PPP, small business owners affected by coronavirus will be able to apply for loans.
Prior to the call, President Trump gave a brief remark, stating his administration will “take the boldest action in history to bring immediate relief to our small businesses” amid the coronavirus outbreak.He credited Ivanka for creating 15 million jobs working with the top CEOs from the banking industry and finance industry.
“My daughter who just wants to have people working,” Trump said, describing her Pledge to America’s Workers initiative. “I gave her lots of options. What do you like? She created over 15 million jobs working with some of you, but working with the biggest companies in the world. They were training and training like nobody has ever seen. But she started off with a goal of 500,000 jobs, and now she’s up to over 15 million.”
Since the pandemic, Ivanka has solely focused on small business efforts in negotiating with members of Congress and financial institutions CEOs to help implement the PPP under $2 trillion stimulus package bill and encourage financial institutions to step up and support small businesses. While splitting her time working from the White House and at home, she personally lobbied bank executives to line up over $1.5 billion in commitments to small business.
“When we began making phone calls a couple of weeks ago to each of you, some of the largest lenders in the country — bankers, credit card companies — we asked you to provide additional relief, private-sector-driven relief to our incredible small businesses. And you’ve answered that call,” Ivanka said. “Among the things we’ve discussed and that you’ll announce today include policies that will offer debt relief to your clients and your customers, payment deferrals, forbearance, loan modifications, and outright hardship relief.”
“The foundation of our economy was so incredibly strong until this virus hit,” she added, emphasizing that small businesses were in “no fault” while thanking financial executives for their help. “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.”
Financial giants who were part of a White House conference call Tuesday to announce their private help and outline their focus with the payroll plan were — Bank of America, Goldman Sachs, JP Morgan Chase, Visa, Citibank, Wells Fargo, Mastercard, and smaller community outfits — Community Spirit Bank of Alabama and Mississippi, Michigan’s Grand Rapids State Bank, and Southern Bancorp of Arkansas.
Details from the White House of Banks commitment to help small business:
- Goldman Sachs: $500 million in capital and critical infrastructure to Treasury-certified Community Development Financial Institutions to help small business.
- Bank of America: $250 million in capital and $10 million in philanthropic grants to Community Development Financial Institutions. These investments will expand access to capital to more small businesses and not-for-profits. Announces additional support for consumer and small business clients experiencing hardship from the impact of COVID-19. Commits $100 million in support of communities around the world impacted by the coronavirus pandemic.
- JP Morgan Chase: $150 million program to help community partners receive capital for underserved small businesses and nonprofits, focusing on underserved entrepreneurs including women and minority owners and the hardest hit communities. $50 million in philanthropic support to address the immediate public health and long-term economic challenges for small business and communities from COVID-19.
- Wells Fargo Foundation: Committed $175 million to support non-profits at the federal, state, and local levels helping people impacted by COVID-19. Including $10 million to support small businesses.
- Citibank: Waivers on monthly service fees and remote deposit capture, and waive penalties for early CD withdrawals; suspended foreclosures and evictions for 60 days through its subservicer Cenlar and is providing forbearance programs for student loans through its subservicer Firstmark.
- The Visa Foundation is committed to two programs totaling $210 million to support small and micro businesses, aligning with the Foundation’s long-term focus on women’s economic advancement and inclusive economic development, and to address an urgent need from local communities following the spread of COVID-19.
- Mastercard: $250 million over the next five years to small businesses in the United States and other markets where Mastercard operates, supporting the financial security and vitality of businesses and their workers.
- Grand Rapids State Bank: Modifying loan terms to create a period of interest only payments, deferring payments for up to six months, creating a period of time where there is total temporary relief from payments.
- Community Spirit Bank: Committed to 90-day payment deferral programs for anyone affected by the virus, allowing for deferment of both principal and interest for these customers on any affected loan.