Fed’s loan program missing mark

Nancy Lavin

10/16/2020

BUSINESSES AND BANKS have not used the Federal Reserve's Main Street Lending Program as much as had been hoped. More than $600 billion was made available for low-interest and deferred-payment loans to help companies during the COVID-19 pandemic, but only about $2 billion has been loaned so far. / AP FILE PHOTO/PATRICK SEMANSKY

Across Rhode Island and the country, the Federal Reserve’s Main Street Lending Program has not lived up to its potential. The program sought to help small and medium-sized businesses manage pandemic-related troubles with low-interest, deferred-payment loans. Up to $600 billion was made available thanks to backing from the Fed and capital via the U.S. Treasury

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