On April 9, the Federal Reserve announced additional actions it will take, providing up to $2.3 trillion in loans to support the U.S. economy. The Federal Reserve believes this funding will assist households and employers of all sizes, bolstering the ability of state and local governments to deliver critical services during the coronavirus pandemic.
One of the actions taken, focused on providing much needed liquidity to medium sized businesses is in the form of the Main Street Lending Program, created through a $75bln equity investment using appropriated funds from the CARES Act by the Secretary of the Treasury, Steven Mnuchin. The program is designed to increase the flow of credit to small and medium-sized businesses that were in good financial standing prior to the COVID-19 crisis.
Click here for a detailed description of the program.
Here at Frost, PLLC we are actively monitoring the situation and are available to help you navigate these turbulent times.
Please contact your Frost representative(s) with any questions.