The U.S. Federal Reserve on Thursday widened a key program to nurse the 'Main Street' economy through the coronavirus pandemic, agreeing to lend to even larger firms, taking on more risk in participation with banks, and hinting at some form of dedicated help for non-profits.
FILE PHOTO: The Federal Reserve seal is seen during Chairman Jerome Powell news conference following the two-day meeting of the Federal Open Market Committee meeting on interest rate policy in Washington, U.S., January 29, 2020. REUTERS/Yuri Gripas
The central bank said it would expand its “Main Street Lending Facility” into three separate programs to support businesses with up to 15,000 employees and $5 billion in revenue compared to an initial program limited to 10,000 workers and $2 billion when it was announced on April 9.
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