WASHINGTON: The Federal Reserve on Monday moved to bolster a new small-business lending programme by allowing banks to turn those loans over to the Fed for cash, easing concerns among banks about getting stuck holding the low interest loans.
The Payroll Protection Programme is one of the key measures adopted as part of a more than US$2 trillion effort to offset the economic impact of the coronavirus crisis, which has forced large portions of the U.S. economy to shutter in an effort to encourage"social distancing."
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