On April 9, the Federal Reserve increased its economic support for individuals, businesses and state/local governments. To help keep the economy and employment market stable, the Fed will provide up to $2.3 trillion in loans. A recent press release gives details of how the Fed will allocate the money, through programs such as the Small Business Administration’s Paycheck Protection Program and the Main Street Lending Program.
The Main Street Lending Program will provide support for small and mid-size businesses, provided they were in good financial standing before the crisis. Those companies with up to 10,000 employees or revenues lower than $2.5 billion will have access to 4-year loans through the program.
View the entire press release here.