Economics
Fed Adapts Main Street Program to Include Smaller Nonprofits
- Fed Chair Powell says nonprofits employ millions of Americans
- Fed lowers minimum employment threshold to 10 from 50
Photographer: Angus Mordant/Bloomberg
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The Federal Reserve formally expanded its Main Street Lending Program to include nonprofit organizations and eased some of its initially indicated terms to allow smaller entities to participate.
“Nonprofits provide vital services across the country and employ millions of Americans,” Fed Chair Jerome Powell said in a statement Friday. “We have listened carefully and adapted our approach so that we can best support them in carrying out their vital mission during this extraordinary time.”