FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis
The Fed’s program is designed to make it easier for banks to offer loans under the $350 billion Paycheck Protection Program run by the Small Business Administration by extending credit to financial institutions that make them, using the loans as collateral. “Supplying financial institutions with additional liquidity will help increase their capacity to make PPP loans,” the Fed said.
With funds set to be exhausted shortly, U.S. Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza on Wednesday urged Congress to approve an additional $250 billion in funds. Democrats have said they are in favor, but only if there are additional safeguards to ensure that credit is reaching businesses in underserved communities that don’t have strong pre-existing relationships with banks.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Opportunity still seen in U.S. corporate debt market after Fed boostU.S. corporate debt has already rebounded on the back of the Federal Reserve's unprecedented support for the market, but investors like PIMCO still see value in some top-shelf names, saying the risk of default is lower than current prices indicate.
Source: Reuters - 🏆 2. / 97 Read more »
U.S. companies reeling from coronavirus fallout, Fed survey showsU.S. companies have been battered by the fallout from the novel coronavirus outbreak, with economic activity plunging at an unprecedented speed over the past few weeks, a Federal Reserve report released on Wednesday showed. U.S. Human Beings reeling from Coronavirus fallout and we don't need the Fed to tell us this Thank you Captain Obvious. Yet the Democrats keep playing politics and will not fund help for them and American workers who need support. They are putting their socialist agenda and political games before people who elected them. If it was lockdown USA before a month, then USA not to loss too many lives.
Source: Reuters - 🏆 2. / 97 Read more »
Restaurant owner says small business loan not enough to immediately bring workers off furlough'We have to wait until we have a very clear pathway to success,' Junior's Cheesecake owner Alan Rosen said. Mask off. UBI and Medicare For All now. i am afraid that many small business will be gone for forever when the crisis is over
Source: CNBC - 🏆 12. / 72 Read more »
Junior's Cheesecake owner says it's an 'honorable' decision to wait to use small business loans'If we take this money and don't treat it like the precious capital that it is ... then we've done a disservice to everyone,' Junior's Cheesecake owner Alan Rosen told CNBC. Stay relevant. There is nothing honorable by not using it just as it is not dishonorable by using it.
Source: CNBC - 🏆 12. / 72 Read more »