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Federal Reserve to boost small business lending efforts
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WASHINGTON – The Federal Reserve said in a brief announcement that it would support the government's $349 billion small business lending program, which had a rocky start Friday.
The Fed said Monday that it will purchase loans that banks make to small businesses as part of the program, which is carried out by banks and the Small Business Administration and was set up under the $2.2 trillion economic relief package.
The loans can be forgiven if they are spent on payroll, to encourage firms to keep paying their employees or rehire workers they may have recently laid off.
By purchasing the loans, the Fed would create an incentive for the banks to engage in more lending. Buying the loans should free up more cash for banks to lend.
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