On April 9, 2020, the Federal Reserve Board announced the purchase of up to $600 billion in loans to small and mid-sized businesses through the Main Street Lending Program, authorized under section 13(3) of the Federal Reserve Act. The Treasury Department will provide $75 billion in equity to the Main Street Lending Program using funding from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This program is structured to provide financing through loan purchase facilities and does not involve direct lending to borrowers from the Federal Reserve Bank or the Treasury Department.

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