The U.S. Federal Reserve on Wednesday announced a new $2.3 trillion package of measures to support the coronavirus-battered economy, including a $600 billion loan program for small and mid-size businesses.
In addition to launching the Main Street Lending Program, the Fed is expanding its backstops for the corporate debt market and providing liquidity to financial institutions that are lending money to small businesses under the Paycheck Protection Program (PPP).
“Our country’s highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of virus,” Fed Chair Jerome Powell said in a news release. “The Fed’s role is to provide as much relief and stability as we can during this period of constrained economic activity, and our actions today will help ensure that the eventual recovery is as vigorous as possible.”
According to The Wall Street Journal, the latest measures “take the