WASHINGTON, June 9 ― The US Federal Reserve yesterday once again announced changes to its Main Street Lending Programme to reach more companies struggling to deal with the damage done by the coronavirus shutdowns. The facility, which has not yet launched, once again slashed in half the minimum...
The Federal Reserve Bank of New York is pictured in the Manhattan borough of New York. The central bank announced changes to its Main Street Lending Programme to reach more companies struggling to deal with the damage done by the coronavirus shutdowns. — Reuters pic
The central bank originally conceived the programme with a US$1 million minimum, as it rushed to find ways to support businesses that are too big to benefit from the Paycheck Protection Programme run by the Treasury Department. “Supporting small and mid-sized businesses so they are ready to reopen and rehire workers will help foster a broad-based economic recovery,” Federal Reserve Chair Jerome Powell said in a statement.
And the central bank opened the aperture of the facility at the top end, expanding the maximum loan size to as much as US$300 million.
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