The U.S. Federal Reserve responded fast to the coronavirus crisis with open-ended programs to keep financial markets running and ensure major companies could raise cash as they usually do through large capital markets.
FILE PHOTO: Flags are pictured at the top of Federal Reserve Board building on Constitution Avenue in Washington, U.S., March 19, 2019. REUTERS/Leah Millis
By forcing major parts of the economy to simply stop operating, however, the current crisis poses a direct threat to the hundreds of thousands of small and medium-sized businesses that don’t raise money by issuing stocks or bonds, but rely on myriad combinations of bank loans, owner’s capital and, in some cases, personal credit cards or home equity loans.
The Fed, in coordination with the Treasury Department, has now announced a Main Street Lending Facility as one of its linchpin programs in the crisis.In the $2.3 trillion emergency response bill enacted on March 27, $454 billion is set aside for the U.S. Treasury to use for new programs at the Fed, including the one for “Main Street.” The Fed has only accessed a portion of that, with about $250 billion still available for programs yet to be determined.
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