Treasury Secretary Steven Mnuchin appears via phone on Fox Business News to discuss the small business payroll/paychecks program. Ms. Bartiromo claims her network of friends in the business community want to use the free government money for themselves; but the Treasury is forcing small businesses to use the money to retain payroll.

Obviously Ms. Bartiromo runs with a very self-centered network of friends incapable of accepting a government program structured to help the workforce they employ (75%). Instead, Ms. Bartiromo’s tribe wants to exploit the angles, fund ways to game the system, use grants to line their own pockets, and operate their own corrupt schemes.

Treasury Secretary Mnuchin informs Bartiromo the loan program (with complete repayment forgiveness) is entirely purposed to pay the employees. It was never designed to replace revenue; only cover all payroll expense and offset 25% of other operating costs. If her friends in businesses don’t like that, too bad.

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Ms. Bartiromo needs to find a better tribe.

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National Defense Production Act policy coordinator Peter Navarro appeared on ‘Fox & Friends’ this morning to discuss various issues of supply chain needs for the U.S. to combat coronavirus.

Mr. Navarro touches on how the DPA is being used to secure medical supplies and equipment including hydroxychloroquine as a treatment.

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Suffice to say 3M CEO Mike Roman will not be sending a Christmas card to the White House this year.  White House manufacturing advisor, and policy lead for the execution of the Defense Production Act, Peter Navarro, tells 3M to stop with the PC excuses and just do their damned job….  Perfect.

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The lack of independent control over critical healthcare products is highlighting exactly why Donald J Trump has been demanding U.S. manufacturing firms return production to this nation for years.  White House trade advisor Peter Navarro drove home the point yesterday:

[Transcript] – Q: Mr. Navarro, what’s the status of the “Buy American” executive order?

MR. NAVARRO: “One of the — one of the things that this crisis has taught us, sir, is that we are dangerously over-dependent on a global supply chain for our medicines, like penicillin; our medical supplies, like masks; and our medical equipment, like ventilators.

We have — right now as we speak, over 50 countries have already imposed some forms of export restrictions in their country against the rest of the world. And what we’ve — what we’re learning from that is that no matter how many treaties you have, no matter how many alliances, no matter how many phone calls, when push comes to shove you run the risk, as a nation, of not having what you need.”

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Everything you would ever need to know about a slimy multinational corporate executive is laid out in this interview with 3M CEO Mike Roman.  While answering questions globalist Roman tries to hide what 3M is doing by stuttering and stammering around cover words.

Keep in mind, 3M is a U.S. owned company doing manufacturing business inside China. However, Beijing took control over 3M and nationalized their manufacturing facilities.  But Roman doesn’t want to admit what happened. Listen carefully at 03:00:

“we have produced millions of respirators and now we have arranged to import more masks from China.  We have an agreement to allow us to export ten million additional masks a month out of China”…

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….Sometimes within a 24 hour period Fauci will make a statement, then contradict the initial assertion, then attempt to cloud his own conflict with obtuse and wordy explanations…

CTH noted yesterday that Dr. Fauci was once again talking nonsense on a level that is almost incredible; but we needed to see it in the official transcript to be certain.

During the coronavirus briefing on Wednesday April 1st, Dr. Fauci stated -and no media challenged him- that CDC guidelines for “stay-at-home” directives would remain in place until all new cases ceased, & deaths were no longer happening.  This could take years.

[Transcript (emphasis mine)]  – Q Thanks, Mr. President. A question for Dr. Fauci. Looking beyond, when we’re on the other side of this curve, are we looking at living with some sort of social distancing guidelines essentially until there’s treatment or a vaccine? For example, people looking forward to the summer talk about, you know, going to baseball games, going to concerts. We have political conventions over the summer. Are things like that possible or safe without a vaccine or a treatment in place?

DR. FAUCI: Yeah, I think if we get to the part of the curve that Dr. Birx showed yesterday when it goes down to essentially no new cases, no deaths at a period of time, I think it makes sense that you’re going to have to relax social distancing.

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Treasury Secretary Steven Mnuchin provided additional information at the white house briefing today including an important new point:  Social Security recipients will not need to file an income tax return to see a direct deposit.

After instruction from President Trump all SSI recipients will participate in the economic relief programs without taking further action.  WATCH:

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The Department of Labor (DOL) released the unemployment claims data [pdf available here] showing a record 6.6 million Americans applied for unemployment benefits last week due to the coronavirus shut-down.

The 6.6 million claims are double the 3.3 million who made claims last week. Jobless/Unemployment claims, a data-point for layoffs, shows how many workers lose jobs and apply for temporary financial assistance.  It is unknown how many people may be re-hired or retained by the rescue funds within the CARES Act.  This process is only just beginning.

WASHINGTON, DC – Secretary of Labor Eugene Scalia issued the following statement regarding Unemployment Insurance claims:

“Similar to last week’s unemployment claims numbers, today’s report reflects the sacrifices American workers are making for their families, neighbors, and country in order to ‘slow the spread.’

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The ADP payroll report shows a drop of 27,000 jobs, better than the forecast drop of 125,000; but many fear the worst is yet to come as millions of people file unemployment claims as a result of the coronavirus shut-down.

A big unknown question surrounds the number of employees that businesses will attempt to keep on the payroll through use of the coronavirus relief funds passed by congress.

The ADP period in the latest report ran through March 12th.  Within that data Goods-producers lost 9K jobs while Services were down twice that much. Small businesses (fewer than 50 employees) were the hardest hit, shedding 90K positions last month; while Large businesses (greater than 500 employees) actually gained 56K jobs; and Medium-sized businesses grew 7K through the March 12th period.

The big question surrounds how quickly small businesses can access the federal relief funds; and whether those businesses will use the incentives to retain their workers.

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U.S. Treasury Secretary Steven Mnuchin has announced that small businesses (0 to 500 employees) and sole proprietorships can start applying for the coronavirus relief funds on April 3rd.  One week later, April 10th,  self-employed individuals, 1099 contractors and s-corps can apply.  [Visit SBA.gov/coronavirus]

[pdf link available here]

WASHINGTON – Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.

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