Treasury and Federal Reserve Board Announce New and Expanded Lending Programs
April 9, 2020
WASHINGTON – Pursuant to section 13(3) of the Federal Reserve Act, U.S. Treasury Secretary Steven T. Mnuchin today approved the establishment of a Main Street Business Lending Program and a Municipal Liquidity Facility to support the flow of credit to American workers, businesses, States, counties, and cities impacted by the coronavirus pandemic.
Small and medium-sized businesses, through no fault of their own, have faced severe financial strain from widespread closures and liquidity pressures in the financial system. Using funds appropriated under the CARES Act, Treasury will make a $75 billion equity investment in a special purpose vehicle established to implement the Main Street Business Lending Program. This investment will enable up to $600 billion in new financing for businesses with up to 10,000 employees or $2.5 billion in 2019 annual revenues.
Click here to read more: https://home.treasury.gov/news/press-releases/sm968
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