Pres. Donald Trump: This is better than a V-shaped recovery, this is a rocket ship
One of the main factors behind the rapid economic recovery was the program that saved millions of small businesses and tens of millions of jobs.
President Donald Trump believes the American economy, hit by the crisis as a result of the coronavirus pandemic, is on track to recover. The head of state said this on Thursday during a roundtable with governors, which took place at the White House..
The President recalled that in the midst of the crisis, the White House allocated more than $ 670 billion under the Payroll Protection Program, which was designed to help small businesses survive the business interruption. The program has been very successful, Trump said, and the administration is now in talks with Democrats in Congress to provide additional funding to help small companies hit hard by the crisis..
“We are here to help businesses and help people. To date, we have disbursed over 4.6 million small business loans, supporting approximately 50 million jobs. It’s incredible! ” – Trump said, adding that most of the small business owners who received loans under the Payroll Protection Program were able to keep businesses that are “doing well” and “are on the road to recovery.”.
“We have a lot of companies doing really well. We are talking about a V-shaped [economic recovery], ”the president emphasized, adding that it may even be a I-shaped recovery, which implies a very sharp growth after an equally strong economic collapse.
“I was talking about the V-scenario and a lot of people disagreed with me … A lot of very smart people on Wall Street disagreed, but now they … say it could be a V-scenario,” Trump added.
White House press secretary Kayleigh McEnani agreed with the president’s words, recalling that Trump had previously said that the American economy would “take off like a spaceship after the crisis ended.” McEnani stressed that in May in the American economy, contrary to the pessimistic expectations of experts, 2.5 million new jobs appeared, and the Dow Jones index exceeded 26,000 points.
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