Federal Reserve data show little appetite so far for its $600 billion 'Main Street' lending program
Under the program, which was established jointly with the Treasury Department, the Fed can purchase 95 percent of a loan from banks if the loans go to businesses with fewer than 15,000 employees, or less than $5 billion in annual revenue. Loans can range from $250,000 to $300 million.
If a borrower defaults on the loan, the Treasury Department will help cover any losses with funding from the Cares Act, the federal relief bill passed in March.The lending program is seen as a kind of barometer for how effective and creative the Fed’s emergency response can be. The Fed’s quick moves to bolster the markets and bring interest rates to near zero are credited with avoiding even more financial uncertainty.
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