Economics
Fed Widens Main Street Loan Program to Reach More Businesses
- Expanded to include businesses with up to 15,000 employees
- A start date for the program to be announced soon, Fed says
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The Federal Reserve is expanding the scope of its lending facility for small and medium-sized businesses to include more borrowers as it seeks to keep credit flowing to the U.S. economy during the coronavirus pandemic.
Businesses with up to 15,000 employees or up to $5 billion in annual revenue will now be able to access loans through the Main Street Lending Program, doubling the revenue limit and raising the employee limit by 50%, the central bank said Thursday. A start date will be announced soon.