Federal Reserve Chairman Jerome Powell says more fiscal policy will result in faster economic recovery, but it is up to Congress to decide and the Fed is considering expanding lending to nonprofits.
The Federal Reserve announced on Tuesday that it has extended the termination date of the main street lending program to January 8, 2021.
The expansion will give the Fed more time to review fund loans submitted to the Main Street lending portal on Dec. 14, the Fed said in a press release.
WHAT IS THE FED’S HOME LOAN PROGRAM?
The loan program, first announced in April, is intended to facilitate lending to small and medium-sized American businesses amid the coronavirus pandemic.
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