The top Democrat in the U.S. House of Representatives called on the Federal Reserve on Tuesday to allow nonprofit groups including colleges and ...
The top Democrat in the U.S. House of Representatives called on the Federal Reserve on Tuesday to allow nonprofit groups including colleges and universities access to a lending facility intended to help businesses cope with the coronavirus outbreak.
House Speaker Nancy Pelosi said larger institutions, including those that serve minorities, are being excluded from the Fed's US$600 billion Main Street Lending Facility. The same groups also cannot participate in the Treasury Department's US$349 billion Paycheck Protection Program to help businesses with fewer than 500 workers."Unfortunately, the administration and the Fed, as of today, are excluding nonprofits," Pelosi said in a message to Democratic lawmakers.
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