It has a nice ring to it — “IVANKA TRUMP, SMALL BUSINESS CHAMPION”.
The COVID-19 coronavirus crisis has significantly impacted the U.S. economy, affecting millions of small business owners and workers. This near-shutdown of the economy has many Americans teetering on the edge of financial ruin. So Ivanka Trump, who has long supported entrepreneurship, women’s economic empowerment, and workforce development, is now turning her attention to the unique needs of small businesses.
The Paycheck Protection Program
The Small Business Administration just launched the Paycheck Protection Program, a $349 billion emergency loan program that helps small businesses cover operating costs and continue to pay their employees during any closings or slowdowns caused by the current public health crisis. It is the cornerstone of the Trump Administration’s Keeping American Workers Paid and Employed Act.
Because of the overwhelming demand from businesses affected by the coronavirus pandemic, the White House has already asked Congress for an additional $251 billion.
The Role of Ivanka Trump
An official with the White House says, “During recent weeks, Ivanka has been meeting on the phone with members of Congress and CEOs of the country’s major financial institutions in the run up to and the launch of the PPP. Her calls to financial institutions were to encourage them to step up and support small businesses.”
As the President’s daughter, Ivanka Trump is a top adviser, and has been closely involved with the program since its conception. This week, she and the President participated in a teleconference call with banking executives to discuss maximizing the PPP’s potential.
Trump was instrumental in wrangling $1.5 billion in investments from the private sector, including such financial institutions as:
- Bank of America
- Citibank
- Community Spirit Bank
- Goldman Sachs
- Grand Rapids State Bank
- JP Morgan Chase
- Mastercard
- Visa
- Wells Fargo
Relief measures from these companies include loan modifications, payment deferrals, and debt relief. During the phone call, Trump acknowledged their contributions, thanking them for doing their part to help during the coronavirus crisis.
“When we began making phone calls 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.”
Reaching Out to Regular Americans
In addition to her high-level work with lenders, Ivanka Trump has also tried a more personal approach. She has posted casual selfie videos from home meant to encourage viewers who might be struggling right now. Speaking softly, she reminds those watching to “stay as positive as you possibly can” and to “be kind to one another”.
Recently, Trump posted a more formal and polished video on Instagram. Standing in front of the White House colonnade, she talked about the PPP and the help from the private sector. Most importantly, she offered reassurance and hope and reassurance.
“We’ll keep fighting for you, we’re gonna get through this. It’s going to be brighter on the other side. And until then, we’ve got your back,” she said.