for jovita or steve, any questions?rter: the chief executive sent a letter that they do not have the guidance from the sba and the treasury department to except loan applications. the need is clearly enormous. one major bank says they are not fully empower you to be able to help there. >> i spoke to the ceos yesterday. i had a conference call, we had very good input from them on what they needed. people were working until 4:00. i believe we just put up the federal register with the new guidelines. four lenders. i have been assured that the banks will be in the process starting tomorrow. again, it will take a little bit of time. but we committed that this will be available tomorrow. and i encourage all companies to go to sba.gov, go to treasury.gov, you will see it immediately. >> there is a number saying that they were on the conference call, and that there is a tremendous power struggle going on between the treasury and sba. and it is over process and forms that they tell me. that lenders are opting out because they ca

jovita is here and jovita used to me as the treasurer there is no power struggle and jovita and our teamked until 4:00 in the morning and started working 7:00 again and we've made the form simpler and i can assure you at five points i've told these bankers they should take all their traders and put them in the branches so there will never be another opportunity to earn five points on a 90-day fully government-guaranteed loan. >> and are they direct deposit, the irs is saying four to five months and you're saying two weeks. >> i don't know where you're hearing these things i told you this would be three weeks. i am now committing to two weeks. we are delivering on our commitments and the irs which i oversee is two weeks and the first money will be in people's accounts >> it is not about the first checks for folks who have direct deposit. the question is folks who don't have direct deposity and there was a staff memo released by the house ways and means committee today saying the process could take up to five weeks and that takes you to mid-august. >> again, let me just say when obama sent

the sba and treasury committedded to get this program up and running tomorrow, whether joe -- jovitaople working around the clock. we have people working around the clock, we heard feedback from lenders, and community banks, we spent last 24 hours making this system easier, this will be up and running tomorrow. and encourage all small businesses with 500 or fewer people, contact your lenders, and any fdic institution will be able to do this, any credit union, and existing sba lenders and fintec lenders, you get money the same day, you use this to pay your workers bring your workers back to work, if you let them go, you have 8 weeks with overhead, this is important. i am pleased to announce we are going to raise the interest rate on the loans. it is 1%. we had announced it would be 50 basis points we heard from smaller community banks their deposit costs, even though government borrows at 3 or 4 basis points this average a 90 day loan, we agreed to raisin re interest rate, i encourage everyone take out paycheck protection program. >> and economic imac impact pay, i am pleased to repor

for jovita or steve, any questions?> mr. -- chase bank sent a letter to its business clients today saying they don't have necessary guidance from the sba, from the treasury department, to be able to accept loan applications starting tomorrow. the need is clearly enormous. but at least one major bank says they're not fully in power yet to be able to help there. >> as i spoke to all the ceos yesterday, i had a conference call with them. we got input. people were working until 4:00. i believe we just put up the federal register what the new guidelines for lenders. i have been assured that the banks will be in the process starting tomorrow. again, it's going to take a little bit of time. but we commited that this will be available tomorrow and i encourage all companies, go to s int a.com, go to treasury.gov. you can see the information you need immediately. >> to follow up with the small business owners. i heard them saying they were on that conference calm. there was a tremendous power struggle going on between the treasur

vice president, thank you, jovita. mr. president, it is clear to us we now need to execute it we need to get money to small business and american workers, and that is what we are doing. the sba and treasury committed to getting this program up and running tomorrow, and when jovita says people are working around the clock, we had people working around 4:00 in the morning, and start working again today. we have heard feedback from community banks, regional banks, and we have spent the last 24 hours making this system even easier, so this will be up and unning tomorrow. i encourage all small businesses that have 500 or fewer people, please contact your lenders. any fdic will be able to do this, any lenders. you get the money, you get it the same day. please bring your workers back to work. if you let them go, you have eight weeks, plus overhead. this is a very important program. i am pleased to announce we are going to raise the interest rate on these loans, and again, the interest rate is paid as part of he program, to 1%. w

thank you very much, jovita. great job. as our nation battles against scourge,ible scorch -- we continue to pray for the victims as well as for those americans who are grieving their loved ones. there has been anything like this. we suffer with one heart but we will prevail. we are coming back and coming back strong. we built the greatest economy anywhere in the world two months ago and we are going to build it again and build it fast. it is going to go very quickly. larry, thank you for being here. you see what is going to happen. i think you have the same feeling as i do. it is going to come back very fast. our experts believe the worst days of the pandemic are behind us americans are looking forward , to the safe and rapid reopening of our country. throughout this ordeal millions of hard-working americans have been asked to make tremendous sacrifices, sacrifices like nobody thought would even be possible, nobody thought we would ever be talking about something like this. this virus has inflicted an enormous and painful t

sba administrator jovita carranza, thank you. have you gone to sleep in the last two weeks?i don't think so, right? you broke every single lending record, numbers of loans, amount of loans, small business. it's actually a very big business when you think about it. thank you very much. great job. as our nation battles against the terrible scourge, we continue to pray for the victims as well as for those americans who are grieving their lost ones and their loved ones. there's never been anything like this. we suffer with one heart but we will prevail. we are coming back and we are coming back strong. we built the greatest economy anywhere in the world two months ago and we are going to build it again, we are going to build it fast, it's going to be very quickly and larry, thank you for being here very much. you see what's going to happen. i think you have the same feeling as i do. it's going to come back very fast. now that our experts believe the worst days of the pandemic are behind us, americans are looking forward to the safe and rapid reopening of our country. throughout