Donald Trump has forgiven $50 million in loans he made to his campaign, and fundraising efforts have kicked into high gear, his national finance chairman told CNBC on Thursday.

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

“We just forgave the loan this week,” Mnuchin added in a “Squawk Box” interview.

Trump was severely lagging last month in efforts to raise money compared with Democratic rival Hillary Clinton, according to the latest filings with Federal Election Commission made public this week.

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