The Federal Reserve announced that it will publish monthly reports with details about the recipients of 4 new lending programs under the CARES Act by theothersarahh
after large public companies received multimillion-dollar loans under the Small Business Administration’s Paycheck Protection Program while smaller businesses were unable to secure emergency financing.
The reports will include the names of participants, the amount they borrowed as well as the rate; plus, the overall costs, revenues, and fees for four lending programs. Those programs are the $600 billion Main Street Lending Program , two programs to purchase corporate debt, and its $500 program to purchase state and municipal debt.
These reports won’t include information about businesses that receive Paycheck Protection Program loans; that program is headed up by the Small Business Administration and Treasury Department, not the Fed. Bharat Ramamurti, a member of the Congressional Oversight Commission, called the announcement a “significant victory for the public.”Though the move was cheered by those who had called for more transparency surrounding CARES Act emergency financing, it’s also possible that these disclosures may discourage some companies from participating in the programs because they could reveal financial and operational details to competitors.
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