Federal Reserve Chair Jerome Powell speaks during a news conference, Tuesday, March 3, 2020. (AP Photo/Jacquelyn Martin)
By Martin Crutsinger
The Federal Reserve is taking additional steps to provide up to $2.3 trillion in loans to support the economy. The money will target American households and businesses, as well as local governments besieged by the coronavirus outbreak.
The Fed said Thursday that it is activating a Main Street Business Lending Program authorized by the CARES Act, the largest economic relief package ever passed by Congress.
Federal Reserve Chairman Jerome Powell said the Fed's role was to “provide as much relief and stability as we can during this period of constrained economic activity.”
In addition, the Fed activated a loan program for municipal governments, as well as additional support for the Paycheck Protection Program, which the Small Business Administration rolled out last week. The program provides loans to businesses with fewer than 500 employees.
The Main Street lending program “will make a significant difference for the 40,000 medium-sized business that employ 35 million Americans," Treasury Secretary Steven Mnuchin said.
The government's pay protection plan for small businesses is off to a rocky start. They have had difficulty getting banks to provide the loans. The banks have said that the government has not made clear how they should process such loans, even what forms are required.
The Fed announced the new infusion of cash on the same day the U.S. reported applications for unemployment benefits last week reached a staggering 6.6 million. That means more than one in 10 workers have lost their jobs in just the past three weeks to the coronavirus outbreak.
The Enhanced Games is going public in two ways — with a new listing on the Nadsaq stock exchange and also by offering a direct-to-consumer business focused on performance products.
Real estate software company RealPage has agreed to stop sharing nonpublic information between landlords as part of a settlement with the Department of Justice.
Thanksgiving travel is set to smash records as millions fly, drive, and ride despite FAA disruptions and economic uncertainty. Here’s what you need to know.
AI, BNPL and new digital tools are reshaping holiday shopping. PayPal’s Michelle Gill shares survey insights, tech trends, and tips for smarter spending in 2025
'The Chair Company' blends sharp satire with workplace conspiracy. Lake Bell joins us to talk its corporate themes, quirky characters, and why viewers love it!
It's a tough time for the job market. Amid wider economic uncertainty, some analysts have said that businesses are at a “no-hire, no fire” standstill. At the same time, some sizeable layoffs have continued to pile up — raising worker anxieties across sectors. Some companies have pointed to rising operational costs due to U.S.'s new tariffs, while others have redirected money to artificial intelligence investments. Workers in the public sector have also been hit hard. Federal jobs were cut by the thousands earlier this year. And many workers are now going without pay as the U.S. government shutdown has now dragged on for more than a month.
