Fed Announces New $2.3 Trillion In Loans
FED RELEASES ANOTHER $2.3 TRILLION TO SUPPORT THE ECONOMY
(CNN) – The Federal Reserve is continuing efforts to prop up the economy in the wake of the coronavirus pandemic.
The Central Bank announced a new $2.3 trillion round of loans that include even more support for small businesses and consumers.
Also included for the first time states, cities and municipalities.
On Thursday the Fed it is creating a municipal liquidity facility with up to $500 billion in loans and $35-billion in credit protection in order to “help state and local governments manage cash flow stresses.”
Also announced on Thursday, the Fed will supply financing to banks taking part in the small business administration’s paycheck protection program.