White House senior adviser Ivanka Trump on Wednesday said her outreach to big financial firms, including Bank of America and Mastercard, helped generate $1.6 billion in private-sector initiatives to help small businesses hurt by the coronavirus shutdown.
Such initiatives come as small companies are going through larger institutions like Bank of America and Wells Fargo for forgivable Small Business Administration loans to keep employees on payroll until shelter-in-place orders, intended to curb the spread of the virus, are lifted.
Both banks have committed tens of millions to help small businesses in addition to taking part in the SBA's Paycheck Protection Program and were included in a virtual White House meeting about private initiatives.
"We went back to many of the same employers as Pledge to America's Workers ... to ask what specifically can you do to help workers in this time of crisis," Trump told FOX Business, referring to a multi-year White House initiative focused on job training.
For example, Mastercard said Tuesday it's committing $250 million over five years to help small businesses (although not all the money is for the U.S. market). Mastercard is also offering cybersecurity resources to small business owners because many businesses are rapidly moving their operations online and could be at increased risk of cyberattacks.