NEW: Federal Reserve announces $2.3 trillion in funding for households, local governments
The Federal Reserve unveiled plans to provide up to $2.3 trillion in loans to support households and local governments, as the U.S. economy continues to work through the disruptions from the novel coronavirus. The central bank also released more details on its anticipated Main Street Lending Program, which it says will support up to $600 billion in loans tied to small- and mid-sized businesses.
The loans, to be disbursed through eligible banks, would allow for interest deferred payments for a year and would be at least $1 million in size. Under the program, banks will retain a 5% share of the loan and sell the remaining 95% to a facility to be set up by the Fed. “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,” Fed Chairman Jerome Powell said in a statement.
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