FED’S MAIN STREET PANDEMIC SUPPORT PROGRAM OFF TO SLOW STARt
By MARTIN CRUTSINGER and CHRISTOPHER RUGABER
AP Economics Writers
WASHINGTON (AP) – The Federal Reserve says its Main Street Lending Program designed to help small and medium-sized companies get through the pandemic has managed to make just eight loans in its first month of operations.
In its first report on the program, the Fed said Thursday it had provided $76.9 million in loans since it started operations on July 6.
That’s just a sliver of the up to $600 billion the central bank has said it will provide to cash-strapped companies through its Main Street program.
The largest loan went to a Mount Pocono, Pennsylvania, casino operator for $50 million, followed by $12.3 million to a dental practice in Madison, Wisconsin.
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8/6/2020 6:19:54 PM (GMT -5:00)