Job Czar Ivanka Trump and Treasury Secretary Steven Mnuchin raised $1.6 billion for small businesses hurt by the coronavirus outbreak. The two managed to rally money from America’s largest banks in just a few weeks. Already acting as an advocate of small businesses, Ivanka Trump has remained vigilant in helping working Americans through this crisis.
In order to minimize the coronavirus’ ill effects, many small businesses have had to temporarily close their doors. In response, Trump and Mnuchin have raised money from banks like Goldman Sachs, Bank of America, Visa, JP Morgan Chase, and Wells Fargo. Trump implored the banks, “We appreciate everything that you’ve been doing. Anyone who knows you knows the heart you have for America’s small businesses”.
Additionally, Ivanka Trump has worked with smaller banks over the SBA program. She helped make the program appealing for small banks to participate in. After working directly with representatives of these community banks, Trump informed Mnuchnin and others of their requests. They asked that forgivable government-backed loans have higher interest rates, that way more banks would be inclined to participate. President Trump responded to Ivanka’s initiative by saying this was “born out of” her job training campaign. Ivanka’s initiative, Pledge to America’s Workers- has already created over 5 million new jobs.
This goes to show the great influence the private sector has had during the coronavirus outbreak. The funds pledged by these banks supplement the billions already reserved by the White House administration and congress. This is yet another sector the Trump Administration has utilized to support working Americans during the crisis.
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