The Fed's Main Street Lending Program is now open and encouraging banks to start making loans
to lender registration, meaning that banks can now sign up to make loans through the program.
The Boston Federal Reserve, which is administering the program, said Monday that it will soon begin purchasing 95% of loans made through the three lending facilities. The lending program was first announced in March as part of the Fed's sweeping emergency response to the coronavirus pandemic.
The Boston Fed intends to purchase 95% of each eligible loan submitted to the program, the regional central bank said Monday. It added that it will begin this purchasing of eligible loans"soon."
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