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Fed to expand business lending program coverage

US, WASHINGTON (NEWS OBSERVATORY) — The US Federal Reserve on Thursday announced the expansion of its new Main Street business lending program to cover a wider range of small and medium-sized businesses that need emergency funding to deal with the effects of the coronavirus pandemic.

The Fed announced a massive $ 2.3 trillion program three weeks ago to support local governments and small and medium-sized businesses to help the US economy cope with the impact of the coronavirus crisis.

Key changes include reducing the minimum loan amount in some cases to $ 500,000 from $ 1 million, increasing the number of companies that meet the criteria of the program, and introducing a new mechanism for issuing loans to reduce the risks of loans to highly indebted companies.

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