White House economic adviser Larry Kudlow revealed that his wife, Judith, is taking advantage of a Small Business Administration-backed loan to keep her art business afloat amid the coronavirus crisis.
'My wife Judy, whom you know, she is a self-employed artist, painter - a very distinguished one of some renown,' Kudlow told Politico's Ben White during the White House official's first ever Zoom chat Wednesday morning. 'She could use some help for her operation.'
Kudlow, whom Bloomberg reported in 2018 has a maximum net worth of $2 million, said his wife went to a local lender to secure a loan.
Whte House economic adviser Larry Kudlow revealed Wednesday that his wife is taking advantage of a Small Business Administration-backed loan to prop up her arts business during the coronavirus crisis
Judith Kudlow is photographed painting one of the pieces that is part of her 'closet series.' Each painting has a price tag of several thousand dollars
Judith Kudlow used a Connecticut community bank to secure a loan, her husband said during a Politico chat Wednesday
'She went to a local, community bank up [by] our place in Connecticut and apparently it's just a one page form, that's all it is. It couldn't be easier,' Kudlow said.
A number of small business owners have complained, however, about the process to get approved for loans funded through the CARES Act, which contains $376 billion in relief for workers and small businesses.
While the loans are government-backed, business owners have to apply for them through traditional banks.
There have been more problems reported by business owners who dealt with big banks than the small community banks like the one Kudlow's wife utilized.
Early on, lenders like Bank of America, were limiting loans only to customers who were pre-existing borrowers, even if the applicants had a checking account with the institution. Bank of America eased those restrictions and started allowing customers who have business accounts with the bank, as long as they don't have a credit relationship with another institution, according to Fox News.
Wells Fargo already had so many applications between Friday - when the program came online - and Sunday that they've put new applications on pause, Fox said.
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Share 820 sharesOver the weekend SBA's Administrator Jovita Carranza said the agency had 'reactivated 30,000 licenses for community banks and credit unions' so those institutions can dole out loans through the program.
The White House and top lawmakers have already voiced concerns that the pot of money could run dry.
On Tuesday, Treasury Secretary Steven Mnuchin said he had talked with House Speaker Nancy Pelosi, House Minority Leader Kevin McCarthy, Senate Majority Leader Mitch McConnell and Senate Minority Leader Chuck Schumer and come up with an additional $250 billion figure to shore up the loan program, which will be included in the next piece of coronavirus response legislation.
Neither the White House nor Judith Kudlow returned requests for comment about her business dealings including whether she has employees at her art operation.
But the Paycheck Protection Program does allow business owners to take out funds if they are sole proprieters.
The maximum loan granted from the PPP will be equal to 2.5 times the average monthly payroll costs from the previous calendar year, up to $10 million.
For solo business owners wages, income and commissions can be covered by loans - capped at $100,000 per year, per worker.
The Judith Kudlow Fine Art website showcases a number of her works - including her 'closet series,' which features paintings of preppy ties, dresses covered in tulle, and scarves and belts billowing from mannequin bodies.
While many of her works are listed as sold-out, one of the necktie paintings is for sale for $7,000.
She also paints portraits with one called 'Rachel in the Garden' going for $5,000, while another, 'Girl in White,' priced at $9,800.
She charges between $10,000 and $20,000 for those who want a portrait painted, the website says.
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