President Obama Announces New Partnership with the Private Sector to Strengthen America’s Small Businesses

Renews the Federal Government’s QuickPay Initiative

26 Companies Committed to SupplierPay Initiative

As a part of his Year of Action, the President is using the power of his pen and phone wherever he can on behalf of the American people to create jobs and help hard-working Americans get ahead. Today, the President will announce the creation of SupplierPay, a new partnership with the private sector to strengthen small businesses by increasing their working capital, so they can grow their businesses and hire more workers.

To launch SupplierPay, the President is bringing together 26 companies – both large and small – that have committed to the initiative. For the larger companies, joining SupplierPay demonstrates a recognition that a healthy supply chain is good for business. For the small business suppliers, benefiting from SupplierPay means having more capital to invest in new opportunities, new equipment, and new hiring.

President Obama, Senior Advisor Valerie Jarrett, National Economic Council Director Jeff Zients, and Small Business Administrator Maria Contreras-Sweet will host a meeting at the White House today with these businesses and their suppliers to discuss what more can be done to strengthen small businesses, building on the successes of the QuickPay program.

SupplierPay builds on the success of the Federal Government’s QuickPay initiative, which President Obama launched in 2011. QuickPay requires federal agencies to expedite payments to small business contractors with the goal of paying within 15 days. As a result of QuickPay, we have already seen well over $1 billion in cost savings for small businesses since 2011, leading to greater investment and job creation. SupplierPay is the private sector’s equivalent, where companies have committed to pay small suppliers faster or help them get access to lower cost capital.

Also today, the President is renewing QuickPay for federal small business subcontractors, where the government pays its large contractors faster and, in return, requires them to pay their small business subcontractors faster. QuickPay for small business subcontractors, which began in 2012, was only available temporarily for many small business subcontractors. Today’s announcement means faster payment for all small business subcontractors and even more business opportunities, more investment in small businesses, and more hiring.

The following companies have signed on to SupplierPay:

Apple AT&T Authentix Cardinal Health

Coca-Cola CVS Ericsson FedEx

Honda IBM Intuit Johnson & Johnson

Kelly Services Lockheed Martin Milliken Molina Healthcare

Nissan PG&E Philips Rolls Royce

Rothschild North America Salesforce Textura

Toyota Walgreens Westinghouse Electric Company

In wake of the Zika virus, travel, spring break still O.K.

Representatives from the CDC and the NIH were on hand at the White House during Monday's press briefing to update the public and address concerns over the Zika virus that has caused some babies to be born with deformities. Dr. Anne Schuchat from the Centers for Disease Control and Dr. Tony Fauci from the National Institutes of Health told reporters that a vaccine is in the making. The pair also said they are particulary concerned about women who are pregnant, or plan to get pregnant, who have either traveled to or plan to travel to areas of South America and the Carribean known to have the Zika virus. Despite those bold statements, the doctors said there is no wide-spread concern and that Americans should continue to travel, including during upcoming college spring breaks -- when college students travel to warmer climate destinations to escape winter weather. "Travel to Zika-affected areas is very common among Americans, and we don’t think that needs to stop...

Congressional Black Caucus Week Tackles Tough Issues: Among Them Youth Unemployment and Education

Congressional members convene at today's Congressional Black Caucus Town Hall Meeting. Photo/CD Brown Mark your calendars to attend this year's Congressional Black Caucus events at the Washington Convention Center. This year's theme Vision, Journey, Mission will address many topics concerning Americans including jobs and education (especially for youth), and economic advancement. In today's Town Hall meeting titled 'Educating Our Way To Prosperity' members on the panel that included Congressman Elijah Cummings, Representative Dianne Watson (D-CA), Chaka Fattah (D-PA), and author of The Other Wes Moore talked about educating youth for green jobs, and to think entrepreneurial instead working for someone else. "We must develop entrepreneurial opportunities", said Fattah. "In many cultures it's a common discussion to educate youth to think about starting a business." Congressman Elijah Cummings who sits on the Joint Economic ...

President Obama Meets Muslim Leaders

from the White House press office. THE WHITE HOUSE Office of the Press Secretary FOR IMMEDIATE RELEASE February 4, 2015 Readout of the President’s Meeting with American Muslim Leaders The President this afternoon met with American Muslim leaders to discuss a range of domestic and foreign policy issues. The President thanked the participants for their work in a variety of fields and for coming together to offer views on issues of importance to their communities, noting that his regular interactions with different faith communities provided him with valuable insights and feedback. Among the topics of discussion were the community’s efforts and partnerships with the Administration on a range of domestic issues such as the Affordable Care Act, issues of anti-Muslim violence and discrimination, the 21 st Century Policing Task Force, and the upcoming White House Summit on Countering Violence Extremism. The President reiterated his Administr...

Politics. On Point.

Search This Blog