Treasury Secretary Steven Mnuchin explains some of details about how the CAREs Act provides financial relief for small businesses (0 to 500 employees). Mnuchin explains how the primary part of the relief bill will support approximately 50% of those impacted.

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The Treasury Department has stood up a system inside the Small Business Administration that cuts through much of the bureaucracy. By using FDIC lenders (local banks) as the point of contact for small businesses and S-corps Treasury can backstop the process.

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Well, well, well….  After the media went bananas trying to refute President Trump several weeks ago after he spoke optimistically about the potential for a malaria medication called chloroquine or hydroxychloroquine to be used to combat the coronavirus, today the FDA has approved its use.

WASHINGTON – The Food and Drug Administration on Sunday issued an emergency use authorization for hydroxychloroquine and chloroquine, decades-old malaria drugs championed by President Donald Trump for coronavirus treatment despite scant evidence.

The agency allowed for the drugs to be “donated to the Strategic National Stockpile to be distributed and prescribed by doctors to hospitalized teen and adult patients with COVID-19, as appropriate, when a clinical trial is not available or feasible,” HHS said in a statement, announcing that Sandoz donated 30 million doses of hydroxychloroquine to the stockpile and Bayer donated 1 million doses of chloroquine.

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Thankfully as a nation this crisis is causing us to reevaluate our priorities: faith, family, community and freedom; and seeing the easy dispatch of liberty also reignites that oft forgotten flickering flame…

Journalists are less important than janitors. Our nation’s best athletes are healthcare workers rushing to assist those in need.  The true heroes are not celebrities, but rather farmers, truck drivers, stock clerks, and supermarket cashiers.

The most valuable businesses do not glitter or present themselves with self-congratulatory award shows; they do today what they have always done to keep our food supply flowing.  Perhaps now, at least for a few short weeks, we stop taking them for granted.

Effective right now comfortably invisible workers are recognized as critical priorities; or as the government has officially designated them “essential services.”  These folks form the network of our lives; they always have, but we didn’t notice. Everything else is less than.

Any average hard-working American is worth more today than all those who chase the golden statues of Hollywood; and ultimately if they want to go down the superiority path… well, what they provide is essentially useless.

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National Economic Council Director Larry Kudlow appears on Fox News with Maria Bartiromo to discuss the critical decisions to balance health risks for Americans with the need to keep the U.S. economy primed to reignite.

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Treasury Secretary Steven Mnuchin appears on Fox News to discuss the latest developments in the battle against COVID-19 and how the coronavirus economic relief package will roll out. Unfortunately the always insufferable Wallace wants to waste time discussing the politics of the administration effort and not communicate important details to American businesses/individuals about what financial relief efforts are available.

Smartly Secretary Mnuchin outlines the process. The Treasury Department has stood up a system inside the Small Business Administration that cuts through much of the bureaucracy. By using FDIC lenders (local banks) as the point of contact for small businesses and S-corps Treasury can backstop the process. [SEE BELOW]

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The local business (or S-corp) takes their payroll and yearly expense documents to their local bank where they already have a relationship. As long as the bank is in the FDIC network; and because the emergency funds are distributed based on a good faith relationship; the bank gives the business or individual immediate access to funds; the bank deposits in the business account. The FDIC guarantees the lender against any risk.

If the business does not continue payroll for the employees, the funds are considered a loan that must be repaid. However, if the business retains their employees (continues to keep current payroll); or -if needed- rehires any recent lay-offs using the funds provided; then the emergency loan becomes a grant the business will not have to repay. The system should be in place by this Friday.

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The White House holds a COVID-19 task force briefing today to provide updates and take questions from the media pool at 5:00pm ET.  [Livestream Links Below]

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White House Coordinator for the Defense Production Act, Peter Navarro, appears on Fox News to discuss how U.S. manufacturers are shifting their production lines to generate products needed to combat coronavirus.

GM CEO Mary Barra appears to have found a spark under her corporate butt after President Trump invoked his power under the DPA to support a greater sense of urgency.

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It seems odd to issue a “travel advisory” against travel to the New York area considering that everyone is supposed to be following ‘stay-at-home’ and social distance guidelines.

President Trump tweets the following message:

The CDC sends additional guidelines via a Domestic Travel Advisory:

Due to extensive community transmission of COVID -19 in the area, CDC urges residents of New York, New Jersey, and Connecticut to refrain from non-essential domestic travel for 14 days effective immediately.

This Domestic Travel Advisory does not apply to employees of critical infrastructure industries, including but not limited to trucking, public health professionals, financial services, and food supply. These employees of critical infrastructure, as defined by the Department of Homeland Security, have a special responsibility to maintain normal work schedules.

The Governors of New York, New Jersey, and Connecticut will have full discretion to implement this Domestic Travel Advisory. (link)

Take one heap of hypocrisy and one heap of irony and combine them; what you end up with is a New York Governor going bananas about the potential for the New York metropolitan areas being quarantined.

On March 10th New York Governor Andrew Cuomo called-in the national guard to quarantine a New York City suburb called New Rochelle. The alarming effort was called a “containment plan” by the governor to stop the spread of coronavirus.

However, Cuomo is now having fits as the potential for a “containment plan” over the New York City metropolitan area is being considered as a federal mitigation effort.

NEW YORK – New York Governor Andrew Cuomo has said that President Donald Trump’s proposed quarantine of New York to limit the spread of coronavirus would be tantamount to a ‘federal declaration of war.’

‘If you start walling off areas all across the country it would just be totally bizarre, counter-productive, anti-American, anti-social,’ said Cuomo in an interview with CNN on Saturday. (link)

Governor Cuomo uses national guard to create containment zone of New Rochelle, and all is good.  President Trump contemplates using national guard to create containment zone for New York city, and it’s a declaration of war… Gotcha.

Realistically, what President Trump is likely considering is a shut down of the airports in the New York metro area.  But it’s quite typical to see the apoplexy about it.

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With a review of her incompetent action plan so far it is obviously that Michigan Governor Gretchen Whitmer is overwhelmed with the responsibilities of her position during crisis.

Now that a complete lack of preparation is surfacing; to make matters worse the governor is making up paranoid stories about vendors not providing products or fulfilling orders to her state.

Governor Whitmer claimed President Trump was orchestrating a plot against her by telling medical vendors not to supply Michigan. However, when pressed on the issue the governor refuses to provide any evidence.  This is not a stable person.

DETROIT – […] “When the federal government told us that we needed to go it ourselves, we started procuring every item we could get our hands on,” Whitmer said Friday on WWJ 950AM. “What I’ve gotten back is that vendors with whom we had contracts are now being told not to send stuff here to Michigan. It’s really concerning.”

Whitmer didn’t say who has told vendors to stop sending medical supplies to the state, but strongly implied the order came from President Donald Trump’s administration.

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