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Fed expands Main Street Lending Program for businesses

Washington pandemic Government Department Coronavirus
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WASHINGTON – The Federal Reserve announced Thursday that it was expanding a major lending program to provide support for businesses struggling to cope with the economic disruptions caused by the coronavirus pandemic.

The Fed said that it was expanding the scope and eligibility of its Main Street Lending Program which is designed to provide up to $600 billion in loans to small and mid-size businesses that have been harmed by the pandemic and the efforts to contain it.

The Fed said it was allowing businesses with up to 15,000 employees and $5 billion in annual revenues to qualify for loans. That is up from earlier limit of 10,000 employees and $2.5 billion in revenue.

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Brazil
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Russia
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Recovered: 0
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