The small business loans under the paycheck protection program reached $38 billion as of Monday morning with 130,000 borrowers, White House economic adviser Larry Kudlow told CNBC on Monday.
“Coronavirus-related US Treasury bond is a great idea,” Kudlow added and argued that this was the right time to sell bonds to raise cash for the coronavirus relief efforts.
Market reaction
Major equity indexes in the US post decisive gains on Monday. As of writing, the Dow Jones Industrial Average and the S&P 500 were both up around 4.8% on the day while the Nasdaq Composite was adding 4.4%. Meanwhile, the US Dollar Index was virtually unchanged on a daily basis at 100.70.
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