The Federal Reserve announced Thursday that it was expanding a major lending program to provide support for businesses struggling to cope with the economic slowdown caused by the coronavirus pandemic.
The Fed said that it was expanding the scope and eligibility of its Main Street Lending Program which is designed to provide up to $600 billion in loans to small and mid-size businesses that have been harmed by the pandemic and the efforts to contain it.
The Fed said it was allowing businesses with up to 15,000 employees and $5 billion in annual revenues to qualify for loans. That is up from earlier limit of 10,000 employees and $2.5 billion in revenue.
The minimum loan size is being reduced to $500,000, down from an original minimum loan size of $1 million.
This support program, one of many the Fed has unveiled over the past two months, is designed to provide businesses with loans of up to four years from banks at below-market interest rates. Unlike a separate program being run by the Small Business Administration, the loans from the Fed must be repaid but payments can be deferred for one year.
Meridith McGraw, White House Reporter at The Wall Street Journal, breaks down Trump’s $200M ballroom plan, D.C. police tensions, and the future of MAGA.
Dr. Richard Besser, President & CEO of the Robert Wood Johnson Foundation and former CDC acting director, unpacks the impact of RFK's mRNA funding cuts.
Jessica Inskip, Director of Investor Research at StockBrokers.com and host of MarketMakeHer, unpacks earnings, market outlook, and what history says is next.
Laura Desmond, CEO of Smartly, explores how Big Tech giants are competing for ad dollars in a shifting digital landscape and how Smartly is here to help.
George Sakellaris, President & CEO at Ameresco, outlines how smart energy upgrades and performance contracts are cutting costs, CO₂, and boosting efficiency.
