Donald Trump speaks during an event at Trump SoHo Hotel, June 22, 2016 in New York City.
Photograph by Drew Angerer—Getty Images
By Tessa Berenson and TIME
June 23, 2016

Donald Trump has forgiven $50 million in loans he made to his campaign, according to his staff.

“[Trump] loaned $50 million to the campaign. He’s now forgiven that loan. So that is a contribution,” Steve Mnuchin, Trump’s campaign finance chairman, told CNBC Thursday. “[Trump] has also said he will contribute significantly more money.”

The announcement comes as Trump’s fundraising efforts are escalating towards the general election. On Tuesday, in light of May fundraising numbers showing him significantly behind Hillary Clinton, Trump put out a statement saying, “If need be, there could be unlimited ‘cash on hand’ as I would put up my own money, as I have already done through the primaries.”

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