Today the Federal Reserve unveiled emergency programs that could dole out more than $2 trillion in loans to businesses of all sizes as well as to struggling state and city governments
The Federal Reserve on Thursday unveiled emergency programs that could dole out more than $2 trillion in loans to businesses of all sizes, as well as to struggling city and state governments, in a bid to keep the economy afloat as it is ravaged by the coronavirus pandemic.
The programs will be backed by nearly $200 billion from the Treasury Department, including $185 billion of funds in the economic relief package passed last month by Congress.The scope and scale of the programs underscore how serious a threat the virus poses to an economy where millions of jobs have been shed as businesses have shuttered across the country. The Fed announcement came just as the government reported that 6.
“Our country’s highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of the virus,” Fed Chair Jerome Powell said in a statement. “The Fed’s role is to provide as much relief and stability as we can during this period of constrained economic activity, and our actions today will help ensure that the eventual recovery is as vigorous as possible.
The Fed is committing to buy up to $600 billion in loans from medium-sized businesses that had up to 10,000 employees or $2.5 billion in revenue in 2019, in what it is calling its “Main Street” lending facility.
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