April 28, 2020
FACT CHECK: Biden Lies About Successful Paycheck Protection Program
After weeks of blocking more funding, the Democrats finally got on board with the Trump Administration’s Paycheck Protection Program (PPP). Now, more American workers are receiving protection and financial relief from the artificial interruption of our economy caused by the coronavirus.
The Administration processed nearly $50 billion in loans in the first 24 hours of the second round, following the incredibly successful first effort to keep workers on small business payrolls during the global coronavirus pandemic. In the first round, the Trump Administration processed more than 14 years worth of loans in less than 14 days.
Given this tremendous success, Joe Biden can do nothing but spread more lies about President Trump’s efforts. Biden continues to snipe from the sidelines, falsely claiming the PPP is not providing support to small business employees.
At best, Biden is extremely confused. Here are the facts:
- In the initial round of the Paycheck Protection Program, the Trump Administration provided nearly $350 billion in support to more than 1.6 million small businesses, including 1 million businesses with 10 or fewer employees.
- In round one, 74% of all loans were for less than $150,000 and the overwhelming majority went to companies with less than 10 employees.
- In the second round, the PPP processed nearly $50 billion in loans in the first 24 hours. This is more than they typically process in an entire year.
- The Treasury will audit all loan applications worth $2 million or more to provide additional oversight, ensuring small businesses continue to benefit from the PPP.
- The Trump Administration is working hard to make sure communities that are the hardest hit receive fast access to loans.
While Biden mumbles lies in his basement from notes prepared by his staff, President Trump is successfully leading the United States out of the worst global pandemic in our lifetimes – all while prioritizing Americans’ safety and financial well being.
Poor Sleepy Joe just can’t keep up.
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