If you’re worried that the United States is hurtling towards a ruinous period of economic depression that will have rippling implications for local businesses and family wealth for generations to come, fear not: On Tuesday, Ivanka Trump announced that she’s on the case. As coronavirus-related disruption continues to wreak havoc on the American economy, the First Daughter and Trump's Senior Advisor dropped hints on Tuesday that she plans to take on an expanded role in the White House’s small business recovery initiative.
In the years since her father assumed the presidency, Trump has taken on a diverse portfolio of politically benign initiatives, ranging from women's economic empowerment, family issues, the prevention of human trafficking and the promotion of STEM education. As analysts estimate that COVID-19 could result in a loss of 3 million jobs by summertime and potentially lead 15,000 brick-and-mortar stores to shutter in 2020 alone, Trump has also seemingly decided to take up the mantle of the White House’s program designed to help ailing small businesses.
The Trump administration recently approved the largest stimulus package in American history — a $2 trillion bailout that includes one-time payments of $1,200 for adults and also earmarks $367 billion to help small businesses. Known as the Paycheck Protection Program, those loans will be run Small Business Administration, and Ivanka — who recently sat down with her father to participate in a teleconference call with banking executives — will reportedly be at the helm.
"During recent weeks, Ivanka has been meeting on the phone with members of Congress and CEOs of the country's major financial institutions in the run up to and the launch of the PPP,” a White House official told CNN. “Her calls to financial institutions were to encourage them to step up and support small businesses.”
Goldman Sachs, Bank of America, JP Morgan Chase, Wells Fargo, Citibank, Visa, Mastercard, Grand Rapids State Bank and Community Spirit Bank were reportedly among the private sector investments being courted, CNN reports. "When we began making phone calls to each of you — some of the largest lenders in the country, bankers, credit card companies, we asked you to provide additional relief, private sector-driven relief to our incredible small businesses. And you've answered that call," Ivanka reportedly said during the teleconference call.
On Tuesday, Ivanka also posted a message to her Instagram account meant to assure small business owners that their interests were being looked after. "We'll keep fighting for you, we're gonna get through this,” she says in the video. “It's going to be brighter on the other side. And until then, we've got your back."