White House economic adviser Larry Kudlow said the White House has billions of dollars left under the CARES Act that they plan to release.   

Larry Kudlow
(Photo : Reutersconnect)
White House economic advisor Larry Kudlow speaks with reporters on the driveway outside the West Wing of the White House in Washington, U.S.

President Donald Trump and his administration have always been very vocal and supportive of the second round of stimulus payments. As the negotiations between the White House and Democrats are still going on, the Trump administration is making sure that there is enough money to be distributed whatever will happen. 

The White House economic adviser said Thursday that the administration has billions of dollars left under the CARES Act that could be put forward in some other relief or stimulus measures. He issued the statement while Congress and Senate are still discussing the next stimulus package. 

Kudlow also shared that the new stimulus package will not be affected following Supreme Court Justice Ruth Bader Ginsburg's death. He noted that the White House plans will remain the same amid the vacancy of the Supreme Court Justice position. 

According to Fox News, Kudlow said: "Our side has an efficient targeted assistance package, stuff we think is necessary." He asserted that there is enough money left that could be "repurposed" toward those efforts.

The Small Business Administration said more than $5.2 million loans were approved during the first round of Paycheck Protection Program (PPP) relief. The total loans were estimated to be around $525 and around $130 billion has not been used so far.

Among the priorities that Kudlow cited were COVID-19 testing, masks for schools, and extending the PPP for businesses severely impacted by the global pandemic. 

This is part of the Trump administration measures while waiting for the Republicans and Democrats to reach their deal. Until now, lawmakers are still discussing the total amount of the next stimulus package.

Federal Reserve Chairman Jerome Powell said that another round of PPP for businesses across the country is very essential. He said this will help regain the country's economy if businesses could go back to operate.   

Many well-known economists in the country also believed that PPP loans should be included in the new stimulus package. Powell and Treasury Secretary Steven Mnuchin testified before the Congress early this week and asked Congress to make a deal with another stimulus package.  

Meanwhile, Mnuchin confirmed Thursday that he talked to House Speaker Nancy Pelosi to revive negotiations on the CARES Act or a new stimulus package. Mnuchin said he talked to Pelosi for 15 to 20 times to make sure that the next coronavirus relief aid would still be the top priority of lawmakers.

There was also a proposed bill that includes two rounds of the stimulus checks. The first one will be released after the bill's approval and the second one will be in the early months next year. Reports said the Internal Revenue Service (IRS) is already preparing to send the stimulus money. 

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