Federal Reserve Announces Aid to Mid-Size Businesses
Apr 13, 2020
The Federal Reserve announced Thursday, April 9, that it will provide up to $2.3 trillion in loans to support the economy, including $600 billion in loans for businesses through the Main Street Lending Program. This will be provided through banks for businesses with as many as 10,000 employees but under $2.5 billion in revenue last year. The terms of these loans are not the same as those offered under the Paycheck Protection Program for smaller businesses with under 500 employees, though those businesses aren't excluded from applying. The program is expected to launch in the coming weeks. Read more here.