Larry Kudlow: US helping 175M citizens, Congress needs to replenish small loan program now
White House National Economic Council Director Larry Kudlow details plan to reopen US economy on ‘Fox and Friends.’
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After a rocky start, JPMorgan Chase has pumped up processing of small business loans designed by the government to keep companies afloat during the nationwide coronavirus shutdown and now leads the industry with $14 billion worth.
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“We’re fully prepared to help many, many more once additional funding is approved," Patricia Wexler, a spokeswoman for the bank, said in a statement to FOX Business on Friday. "We’re proud to support businesses that collectively employ more than a million hard-working Americans."
The bank has "hundreds of thousands of additional applications that we’re actively continuing to process," she said. The requests can be finalized if and when Congress approves additional money for the program, whose initial $350 billion in funds have already been depleted.
CNBC was first to report JPMorgan's progress on loan processing.
THE SMALL BIZ LENDING PROGRAM RUNS DRY
As of late Friday, lawmakers were unable to come to an agreement to replenish PPP funding, but more money could be on the way soon.
The White House is confident a deal will be reached by the beginning of next week, an administration source told Fox News on Friday. That package would include another $250 billion for paycheck program loans, an unknown amount for the SBA’s economic-injury disaster loan program and $75 billion for hospitals, the source said.
SOME SMALL BUSINESS OWNERS' CORONAVIRUS STIMULUS EXPERIENCE OFF TO SHAKY START
When the program, designed to give bridge loans worth hundreds of billions of dollars to small businesses, launched on April 3, JPMorgan was among the banks complaining that the details and launch of the federal stimulus plan weren't hammered out for lenders.
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Despite the kerfuffle, President Trump had praised Bank of America for taking the lead during the program's early days.
Fox News' John Roberts and FOX Business' Brittany De Lea contributed to this report.
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