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The Federal Reserve on Thursday unveiled $2.3 trillion new loans to support the economy during the coronavirus crisis. The loan program aims to help businesses, households and state and local governments facing a cash crunch as large parts of the economy have been shut down. “Our country’s highest priority must be to address this public …
The Federal Reserve on Thursday unveiled $2.3 trillion new loans to support the economy during the coronavirus crisis.
The loan program aims to help businesses, households and state and local governments facing a cash crunch as large parts of the economy have been shut down.
“Our country’s highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of the virus,” Fed Chair Jerome Powell said in a statement Thursday.
“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.”
The Fed says it will focus those loans toward businesses with 10,000 employees or less that earned under $2.5 billion in revenue last year.
Both principal and interest payments will be deferred for one year.
Also unveiled was a new facility for businesses to purchase forgivable loans as part of the Paycheck Protection Program, which was launched through the third coronavirus package passed by Congress.
