The Federal Reserve is expanding the scope of its Main Street Lending Program to help more borrowers become eligible as it seeks to keep credit flowing to the U.S. economy during the coronavirus pandemic.
The central bank said Thursday that businesses with up to 15,000 employees or up to $5 billion in annual revenue are now eligible, in effect doubling the revenue limit from previous guidelines and raising the employee limit by 5,000. The move follows calls from lawmakers and the business community — including heavy lobbying from key industries that have been hammered by the economic lockdown — for the program to be widened after the Fed initially announced terms of who would qualify.The minimum loan size was lowered to $500,000 from $1 million, and a third loan option for more leveraged companies was added.
Treasury Secretary Steven T. Mnuchin said last week that he was considering an additional lending facility for troubled energy companies. The adjustments on the Fed facility might encompass some of those firms. The Fed’s reading of its emergency lending authority has been that it doesn’t permit the central bank to erect a facility to support a specific industry.
The central bank has announced nine emergency loan programs to help keep credit flowing during the pandemic, of which four are up and running.
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Federal Reserve seeks banks' advice as it gets into direct lending with coronavirus reliefThe Federal Reserve has reached out to investment and retail banks for feedback on its Main Street lending program ahead of its formal launch, according to people familiar with the matter. Does anyone else find it odd that we as citizens can borrow money from the same bank our Federal Government does? Fed seeking a lending blueprint for a countrywide economic shutdown from retail banks? This a joke? Just get it over with and arrest Powell and company for treason and grand larceny.
Source: CNBC - 🏆 12. / 72 Read more »
Federal Reserve Expands Business-Lending ProgramThe Main Street Lending Program, unveiled earlier this month, will now allow larger businesses to participate, and it will relax minimum-loan amounts to help more small businesses. See nine key moments from Fed Chairman Jerome Powell's press conference Wednesday and why they matter Define small and midsize. Because that's who the first loans were supposed to go to, instead half of them went to wealthy corprorations. BS. The money will end up in the hands of those who will turn around and hand it over to the Chinese government for a kickback. Just like MOST of the other stimulus money that was supposed to help small AMERICAN businesses!
Source: WSJ - 🏆 98. / 63 Read more »
Fed to expand reach of 'Main Street' lending programThe U.S. Federal Reserve on Thursday widened a key program to nurse the 'Main Street' economy through the coronavirus pandemic, agreeing to lend to even larger firms, taking on more risk in participation with banks, and hinting at some form of dedicated help for non-profits. Hi Capital wins big! How about get us small businesses taken care of first. I was in the que on day 2 and still no funding for my business with less than 20 employees
Source: Reuters - 🏆 2. / 97 Read more »
Is the Federal Reserve helping Main Street or Wall Street?The Federal Reserve pledged Wednesday to keep interest rates at current levels, while noting that the coronavirus pandemic will continue to weigh heavily on the economy.
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Some Student Loan Borrowers Were Left Out Of The CARES Act — A Bipartisan Bill Could HelpNot all student loan borrowers were included in the coronavirus stimulus package, and those who were left out are wondering how they're going to make their payments Take it from the illegals who sucking up millions and don’t belong here. I have an idea? Why not take care of our own Crack down on welfare abusers, professional losers. They drain us dry and contribute shit to society. 🤮🤮🤮
Source: MTVNEWS - 🏆 479. / 51 Read more »
Lakers return federal relief loan funds amid coronavirus lockdownThe Los Angeles Lakers returned a loan obtained through the U.S. government's Paycheck Protection Program (PPP), the team confirmed on Monday, after learning that funds in the federal program had been depleted. You have got to be kidding me. Meanwhile, small businesses are being denied loans or miss out because of the mad rush by Ruth’s Chris, Shake Shack, and the Lakers?!?! Their arena looks like a giant Fleshlight. No wonder the fund run out that fast.
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