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Pres. Trump Signs ‘Phase 3.5’ Coronavirus Relief Package Into Law

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President Donald Trump signed the $484 billion “Phase 3.5” emergency interim coronavirus relief package into law inside of the Oval Office on Friday, after Congress passed legislation earlier in the week to replenish the Paycheck Protection Program (PPP) for small businesses and add billions of dollars in aid to hospitals across the country during the COVID-19 crisis.

President Trump described the bill as “great for small businesses” and “great for the workers,” adding that it will “extend relief to thousands of African-American and Hispanic American business owners.”

“Phase 3.5” will provide an additional $310 billion in funds to the PPP, which was established in order to help businesses with less than 500 employees receive loans that can cover at least eight weeks of payroll, benefits, and other expenses. Out of that $310 billion, $30 billion is reserved for community-based lenders, small banks and credit unions, while another $30 billion will go to mid-sized banks and credit unions.

The law will also provide an additional $50 billion for the Small Business Administration’s (SBA) emergency disaster lending program and $10 billion in SBA disaster grants.

The PPP was created as part of the “Phase 3” stimulus package, known as the CARES Act, which was signed into law in March. PPP converts small business loans to grants, which will be fully forgiven if at least 75-percent of the loan is used toward keeping employees on the payroll. The PPP ran out of funding earlier this month, which prompted Congress to pass the “Phase 3.5” relief package to replenish it, as well as fund other programs.

As of Friday, at least 869,172 people have been infected with the coronavirus in the U.S. and nearly 50,000 people have died nationwide.

For more information, visit Fox News.

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Economy

Biden’s 60 Minutes Interview Horrifies White House: ‘Does NOT Reflect the OFFICIAL Position’

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Uh oh. Someone let President Joe Biden speak by himself again and damage control immediately ensued. President Joe Biden’s “60 Minutes” interview which aired on CBS Sunday was 60 minutes of pure torture for viewers and 60 minutes of pure angst for the White House; everyone but the president himself.

60 Minutes’ official Twitter account publicly called out the President’s answers with an embarrassing statement that his own administration was in disagreement with him:

“President Biden tells 60 Minutes that U.S. men and women would defend Taiwan in the vent of a Chinese invasion. However, after our interview, a White House official told us that U.S. policy on Taiwan has not changed.”

CBS’ Scott Pelley also discussed inflation; an issue drastically affecting the welfare and wellbeing of families. Biden deflected with zero sympathy:

As for President Biden’s son Joe, he is sticking with the narrative that Hunter is the “smartest” person he knows and that “there’s not a single thing that I’ve observed at all that would affect me or the United States relative to my son Hunter.”

Biden also said that while the “proof of the pudding is in the eating” in response to being asked if he is fit to be President, Biden did not commit to saying whether or not he will run for re-election. His “intention” is to run again, “but that’s just intention” he said. “Is it a firm decision that I run again? That remains to be seen.”

 

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