March 23, 2020 / 1:34 PM / 3 months ago

Fed: New Main Street program meant to ensure all firms have access to credit

WASHINGTON (Reuters) - A Federal Reserve “Main Street” lending program still under development is meant to dovetail with proposals under consideration by Congress to make sure the full range of U.S. companies, from the smallest to the largest, have access to credit during the coronavirus health scare, the Fed said on Monday.

Details of the program are still being worked out. A broad set of measures rolled out by the Fed on Monday is meant to keep businesses afloat, avoiding corporate bond defaults during a period when earnings may drop sharply as companies shut down under “social distancing” measures meant to slow the spread of the disease.

Reporting by Howard Schneider; Editing by Andrea Ricci

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