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.
Shark Tank's Daniel Lubetzky, Founder of KIND Snacks, breaks down the FDA's new definition of healthy, plus, his thoughts on building a stronger democracy.
James Gallagher, CEO and Co-Founder of GreenLite, discusses the challenges of rebuilding the fire-affected LA area and how permitting complicates the process.
Super Bowl Champion, Julian Edelman, talks Chiefs' conspiracies, his fave TSwift song and his bet for Super Bowl LIX. Plus, the best time for a bathroom break.
Ron Hammond, Sr. Director of Government Relations at the Blockchain Association, breaks down Trump’s plan to strengthen U.S. leadership in financial technology.
BiggerPockets Money podcast is now available on Cheddar Wednesdays at 10am ET! Mindy Jensen shares how her podcast is helping people gain financial freedom.
