Economy

Fed lowers minimum loan level for small business lending program

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The Marriner S. Eccles Federal Reserve building stands in Washington, D.C., U.S., on Tuesday, Aug. 18, 2020.

Erin Scott | Bloomberg via Getty Images

The Federal Reserve has lowered the barriers on its lending program for smaller businesses as part of an effort to broaden the appeal of the sparsely used facility.

In another pair of tweaks to its Main Street Lending Program, the Fed on Friday said it is reducing the minimum loan size to $100,000 from $250,000 and will ease restrictions on debt for companies already participating in the Paycheck Protection Program.

Aimed at helping small- and medium-sized firms get through the Covid-19 pandemic, the program thus far has issued nearly 400 loans…



Source cnbc.com

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