Whereas banks have mentioned they've been unable to ship cash to small enterprise debtors amid the chaos, Kudlow mentioned there have been "$50 bi
Whereas banks have mentioned they’ve been unable to ship cash to small enterprise debtors amid the chaos, Kudlow mentioned there have been “$50 billion in mortgage commitments” and 178,000 loans being processed.
“If the demand is that top, which I might regard as a great factor as a result of we simply need to get people by way of this robust interval, why not ask for more cash?” he mentioned.
The Treasury Division late Monday launched new steering in response to mounting questions from banks about methods to problem the loans.
The state of affairs surrounding the small enterprise rescue underscores the confusion coming from Washington about methods to shield Individuals through the outbreak and shore up an economic system that has been pressured to enter lockdown and shed hundreds of thousands of jobs.
On one other matter, Kudlow mentioned he was unaware that White Home commerce adviser Peter Navarro had warned administration officers in January concerning the devastating toll that the coronavirus may have on the nation, when requested a couple of New York Occasions report revealed Monday.
Kudlow mentioned “there have been at all times a whole lot of voices on the market” however that he was in the dead of night.
“I by no means noticed the memo,” he mentioned.
Kudlow, a self-described optimist, mentioned he hoped the economic system will have the ability to reopen “within the subsequent 4 to eight weeks.”