NEW YORK: The Federal Reserve said on Monday (Jun 15) it had opened registration for lenders interested in participating in its Main Street ...
NEW YORK: The Federal Reserve said on Monday it had opened registration for lenders interested in participating in its Main Street Lending Programme, launching arguably the most complex programme undertaken yet by the US central bank to help keep the backbone of the economy from buckling under the strains of the coronavirus pandemic.
Administered by the Boston Fed, the programme aims to offer credit to companies that may be too large to qualify for help from the Paycheck Protection Programme, which targets businesses with fewer than 500 employees. It has taken nearly three months for the Fed to design, build and launch a programme to extend credit to companies in all walks of the economy, a huge departure from its role as a lender to the banking sector.Fed officials adjusted the Main Street programme twice by expanding the range of loan sizes to make it available to more companies that need help keeping workers on staff.
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