FILE PHOTO: White House National Economic Council Director Larry Kudlow speaks during a “small business relief update” video conference call event with banking executives to discuss the U.S. government’s rescue program for businesses hurt by the coronavirus pandemic, in the Roosevelt Room at the White House in Washington, U.S., April 7, 2020. REUTERS/Kevin Lamarque/File Photo
WASHINGTON (Reuters) – The United States has approved 661,000 loans to small businesses totaling $168 billion under a program to address the fallout from the novel coronavirus epidemic, White House economic adviser Larry Kudlow said on Friday.
“We’re now at 661,000 loans approved. …$168 billion have been approved by this government,” Kudlow said in an interview with Fox Business Network.
A $2.3 trillion economic stimulus enacted last month allocated $349 billion to loans to small businesses hurt by the crisis that can be turned into grants if they meet certain conditions.
Reporting by Mohammad Zargham; Editing by Sandra Maler