Washington, DC – (April 29, 2020) — Today, the Bureau of Economic Analysis announced that Gross Domestic Product (GDP) declined by 4.8 percent in the first quarter of 2020.
“The GDP decline was expected, given we are experiencing the worst health emergency in a century. This is a black swan event, and we are pulling through it together as a country, led by the Trump Administration. The Paycheck Protection Program is critical to keeping our economy running. After an unnecessary delay caused by the congressional Democrats, SBA was able to resume processing loans on Monday. In the first 24 hours, SBA processed roughly 450,000 loans, totaling $48.5 billion. With the PPP extension signed by President Trump, a total of $660 billion is available to the small business community. Now we need to begin a gradual, state-by-state reopening of the economy, consistent with public safety. The reopening needs to be led by the private sector, consistent with CDC guidelines. The sooner that states can safely open, the sooner we can get back to the prosperity we were experiencing, thanks to the President’s pro-growth policies.”