series of emergency programs
With the expansion, businesses with up to 15,000 employees or as much as $5 billion in annual revenue are now eligible, compared to the initial program terms, which limited the size to 10,000 employees and $2.5 billion in revenue.The central bank said it decided to open the aperture of the loan program to aid companies too big for PPP but too small to have routine access to capital markets to generate financing.
"We are deploying these lending powers to an unprecedented extent," Powell said, noting that the Fed will continue to look for more ways to expand lending.Unlike PPP loans, which turn into grants as long as most of the funds are used to pay workers, the Main Street loans are not forgivable and go only to businesses that were solvent before the crisis.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: cebudailynews - 🏆 8. / 71 Read more »