Apr 10 Federal Reserve Takes Historic $2.3 Trillion Action to Stimulate Economy
On April 9th, the Federal Reserve committed an additional $2.3 trillion in funds to further stimulate the economy as we continue to battle the COVID-19 pandemic. Aimed primarily at households and businesses of all sizes, as well as state and local governments, the measures included in this policy are intended to stabilize our uncertain economic environment.
While there are a number of programs included within this historic Federal Reserve action, we wanted to point your attention specifically to the Main Street New Loan Facility, along with the Main Street Expanded Loan Facility. These facilities provide $600 billion in funds to businesses with up to 10,000 employees or up to $2.5 billion in 2019 annual revenues. Businesses must be created or organized in the U.S. or under the laws of the U.S., must have significant operations in the U.S., and have a majority of its employees based in the U.S.
Additional eligibility requirements, as well as details surrounding these Main Street facilities and other asset-backed security, liquidity and credit focused programs, can be found here: Federal Reserve Press Release
Sax will continue to update you as further details are made available. Reach out to your Sax advisor with any questions or for more information.