The U.S. Federal Reserve unveiled programs on April 9 that will provide $2.3 trillion in loans for small and midsize businesses, U.S. cities and states, The Wall Street Journal reports.
In a prepared statement, Federal Reserve Chairman Jerome Powell said:
“Our country’s highest priority must be to address this public-health crisis, providing care for the ill and limiting the further spread of the virus. The Fed’s role is to provide as much relief and stability as we can during this period of constrained economic activity, and our actions today will help ensure that the eventual recovery is as vigorous as possible.”
The $2.3 trillion is over and above the $350 billion already promised to small businesses in the initial SBA PPP (Paycheck Protection Program), ChannelE2E believes. (Related: Track daily SBA PPP program updates here.)
The loans are designed to help businesses, municipalities and government organizations navigate the coronavirus pandemic.