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Mnuchin moves to cut off Fed pandemic emergency lending program

Economist Karen Petrou says the Fed programs have fallen short, but that the Fed needs some facilities in the face of inaction from Congress.
Treasury Secretary Steven Mnuchin and Federal Reserve Board Chair Jerome Powell testify during a Senate Banking Committee hearing on Capitol Hill on Sept. 24, 2020 in Washington.
Drew Angerer/Getty Images

The Fed wants to lend money to more small businesses, but many aren't interested

Nov 2, 2020
The central bank dropped the minimum loan amount under its Main Street Lending Program to $100,000. But not many businesses feel confident taking out loans they'll have to repay in five years.
A bartender prepares to open his bar in Ocean City, Maryland, amid the pandemic, May 29, 2020.
Alex Edelman/AFP via Getty Images

Boston Fed president: We need fiscal policy until pandemic is under control

Eric Rosengren says that the Fed's Main Street Lending Program started off slow, but interest in borrowing has increased.
The Federal Reserve is doing its part to help support businesses with a pile of money to lend to small- and medium-sized operations.
Karen Bleier/AFP via Getty Images

Federal Reserve loan program targets mid-size businesses

Jun 3, 2020
The loans will be bigger than those from the Paycheck Protection Program — and they can't be forgiven.
A worker restocks groceries at a supermarket in Brooklyn in March. The Main Street Lending Program offers loans that would likely be hard for businesses like grocers or cafes to pay back.
Angela Weiss/AFP via Getty Images