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The Federal Reserve revealed more details on its $600 billion lifeline to Main Street businesses Thursday morning, increasing the amount of eligible businesses and lowering the minimum loan size.
The Fed moved on Monday to expand the scope of its Main Street Lending Program by lowering the minimum loan size to $250,000 and extending the loan terms to five years.
One of the federal government's main economic responses to the coronavirus pandemic is the $2.2 trillion CARES Act, which provides assistance for both small businesses and larger ones. For ...
President Trump signs the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), April 24, 2020. The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self ...
The CARES Act created the $349-billion Paycheck Protection Program, which provided low-interest loans to small businesses that were forgivable if they maintained their employees and payroll. The $349 billion was fully allocated within 13 days. During those 13 days, 1.6 million loans were approved by nearly 5,000 banks and other lenders. [3]
The U.S. Federal Reserve on Thursday announced a broad, $2.3 trillion effort to bolster local governments and small and mid-sized businesses, the latest in an expanding suite of programs meant to ...
On April 9, the Federal Reserve announced $2.3 trillion in loans to small businesses and local and state governments. [287] [288] [289] On November 19, Mnuchin asked the Federal Reserve to release $455 billion in unspent funding from the CARES Act, [290] following proposals by himself, Meadows, and Trump in the months before.
The Federal Reserve on Friday lowered the minimum loan size on its loans to small and medium-sized businesses, in an effort to drive higher uptake of its Main Street Lending Program.