President Trump continues to want to reopen the nation’s economy as soon as possible, and is working “hand-in-glove” with the private sector to make that happen, National Economic Council Director Larry Kudlow said Tuesday.
“This is not a total government-run operation,” Mr. Kudlow said on TV. “We are cooperating with the private sector. They are pretty smart folks and they are helping us every step of the way.
“We are doing what we can to keep people going, to just get them through this period until we can come back on the other side and America can return to business and prosperity and the blue-collar boom,” he added.
America’s small businesses have been taking advantage of the loan program being funded through the CARES Act, with about $50-B borrowed to date.
“We have got about 178,000 loans from 300 lenders,” Mr. Kudlow said. “I just put that out there to show you how popular it is.”
“We are in the midst of a contraction, everybody knows that,” said Mr. Kudlow. “We are providing direct assistance to roughly 175-M people. 175-M people in the form of direct payments, or unemployment insurance…we have been deferring taxes and deferring student loans.”
Also, the Fed has “enormous lending programs and facilities financed by Treasury emergency funds,” he said. “All that is what we are trying to do to keep folks going.”
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