US Fed expanding Main Street loan program to aid more firms

Washington (AFP) – The US Federal Reserve said Thursday it is expanding its business loan program to reach more firms as companies struggle to weather the impact of the coronavirus shutdowns.The Main Street Lending Program, which the Fed announced but has not yet launched, was designed to reach small and medium-sized businesses that are too big to benefit from the Paycheck Protection Program run by the Treasury Department.After hearing from thousands of firms, the Fed board “decided to expand the loan options available to businesses, and increased the maximum size of businesses that are eligib…

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