U.S. Approves $168 Billion in Small Business Loans Since Program Began
The U.S. has approved more than 650,000 loans for employers since the launch of the Paycheck Protection Program.
“We’re now at 661,000 loans approved. …$168 billion have been approved by this government,” White House economic adviser Larry Kudlow said on Friday on FOX Business Network.
About $350 billion in forgivable loans are available to small businesses as part of the $2.2 trillion stimulus package passed in March. Employers can use the funds to cover the costs of salaries, bonuses, retirement benefits, parental leave and health care benefits.
Currently, Congress is negotiating a second bill that could add $250 billion to the program.