More than 500,000 Paycheck Protection Program (PPP) loans have been approved in the last week to alleviate the coronavirus pandemic.
White House economic adviser Larry Kudlow said Thursday that $128 billion of the $350 billion fund has been accounted for, according to FOX Business. About 4,000 lenders have participated in the program.
“The mitigation efforts seem to be bearing fruit,” Kudlow told FOX Business on Thursday. “The numbers are enormously improved. Let us hope we can reopen this economy in the next four to eight weeks.”
The Federal Reserve also revealed its Main Street Lending Program on Thursday — $2.3 trillion in loans targeting mid-sized businesses with more than 500 employees. Congress is also debating an additional $250 billion for the PPP.
“Everybody who wants a loan to stay in business, to keep their payroll intact, to cover expenses, everybody who wants one is going to be able to get one,” Kudlow said.