Varnum (Michigan): COVID-19: Federal Reserve Announces New Loan Facility for Main Street Businesses

On April 9, 2020 the Federal Reserve announced it was taking additional actions to provide up to $2.3 trillion in loans to support the U.S. economy, including:

  1. support for the Small Business Administration’s (SBA) Paycheck Protection Program by supplying liquidity to participating lenders backed by PPP loans;
  2. expanding recently-announced facilities supporting markets issuing credit to large businesses and related secondary markets (the primary and secondary market corporate credit facilities), as well as the term asset-backed securities loan facility; and
  3. establishing a municipal liquidity facility for assistance to state and local governments.

Among such actions is the creation of a Main Street Lending Program (Main Street Program) to provide financing to lenders that make direct loans to main street businesses. MORE.

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