(ConservativePeak.Com)- President Donald Trump promised to do as much as he could to help businesses stay afloat during the response to the coronavirus outbreak, and he is keeping that promise. In just a single day, the president’s Paycheck Protection Program, implemented through the Department of Treasury and Small Business Administration, has already issued more than $620 million in small loans.
Most of the loans were given to small and medium-sized businesses through community banks, relieving the pressure on these important players in the American economy. It is the hope that these loans could allow businesses to continue operating and avoid firing employees.
Speaking to Breitbart News on Friday, a senior official from the Treasury Department confirmed that 1,652 loans had been given through 239 banks across the United States. The major banks, including Wells Fargo, JP Morgan Chase, and Citigroup did not have their programs up and running by this time. The only major bank to have successfully implemented the system and helped small businesses out on the first day was Bank of America.
That means community banks were the biggest driver in savings small businesses across the country on the first day of the project.
The official explained to Breitbart News that community banks were the most prepared to help American businesses.
“When the unprecedented PPP loan program for America’s small businesses went live in the early morning hours of April 3, the community banks were the ones ready to go,” the source said. “Unlike the big banks that are coming online later in the day, the community banks were up and running and ready to serve their small businesses. America’s community banks are the real heroes.”
The president also congratulated the Bank of American and community banks across the country on Friday night, saying, “Great job being done by @Bank of America and many community banks throughout the country.”
Great job being done by @BankofAmerica and many community banks throughout the country. Small businesses appreciate your work!
— Donald J. Trump (@realDonaldTrump) April 3, 2020
“Small businesses appreciate your work!” he added.
Breitbart confirmed at 11 am Eastern Time on Friday that the number of loans had increased to 1,926, with more than $750 million distributed.