Fed Expands Main Street to Include More Small Businesses
- Fed says program will open to lender registration ‘soon’
- Lowers loan minimum, extends principle payment deferral
Photographer: Michael Nagle/Bloomberg
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The Federal Reserve expanded its Main Street Lending Program, which it said will be open for eligible lenders “soon,” allowing more companies to participate and lessening the burden on banks that create the loans.
“Supporting small and mid-sized businesses so they are ready to reopen and rehire workers will help foster a broad-based economic recovery,” Fed Chair Jerome Powell said in a statement Monday accompanying the announcement. “I am confident the changes we are making will improve the ability of the Main Street Lending Program to support employment during this difficult period.”