Powell said the re-opening occurred sooner than expected, with hiring and consumer spending both picking up in May.
The Federal Reserve said the road back to recovery would be long, dimming some of the optimism investors.
The Federal Reserve estimated unemployment will be at 9.3% by the end of 2020.
The loans will be bigger than those from the Paycheck Protection Program — and they can't be forgiven.
The central bank is already buying bonds to keep money flowing, but it has a few more tools in its kit.
Senators brought up issues they've seen with the government's small business loan program.
It may take until the end of 2021 for the economy to recover, Jerome Powell said Sunday.
Powell cautioned that numerous bankruptcies among small businesses and extended unemployment for many people remain a serious risk.
Politicians never want to tell voters about the need to balance the budget through tax hikes or spending cuts.