Main Street Lending Program of the Federal Reserve
The Federal Reserve Bank of Boston today released several borrower and lender documents for the Fed’s Main Street Lending Program, which is expected to launch in the coming days.
Memorial Day signified the beginning of summer in many parts of the country, and the slow but steady reopening of business activity in the wake of the coronavirus pandemic. Iowa Superintendent of Banking Jeff Plagge offers ideas for long-term solutions to get struggling businesses back on their feet after the lockdown.
The OCC today released a list of 13 interagency frequently asked questions related to the Community Reinvestment Act and the coronavirus pandemic.
Top policymakers today said that they expect the Main Street Lending Program “to be up and running by the end of the month.”
In testimony published ahead of tomorrow’s Senate Banking Committee hearing, Federal Reserve Chairman Jerome Powell noted that “public input has been crucial” in the agency’s development of the Main Street Lending Program and that additional changes to the program may be forthcoming “as we learn more” about the needs of potential borrowers in the days ahead.
Getting the Main Street Lending Program facilities up and running is a “top priority” for the Federal Reserve, Vice Chairman for Supervision Randal Quarles said in testimony before the Senate Banking Committee today.
As part of its response to the global coronavirus pandemic, the Federal Reserve is launching a “Main Street Lending Program” to deliver up to $600 billion in credit to small and midsize firms. Learn more in this bonus podcast episode.
The Federal Reserve today expanded the scope of its Main Street Lending Program to accommodate more businesses and more loan options for participating banks.
With the coronavirus pandemic continuing to cause significant economic disruptions and sharp spikes in unemployment, the Federal Reserve will maintain the target range for the federal funds rate at 0 to 0.25%.
The Federal Reserve today announced plans for monthly disclosures of participants in its lending facilities backed by funds authorized by the CARES Act, including two facilities in the Main Street Lending Program.