Treasury Secretary Steven Mnuchin said Wednesday his department and the Federal Reserve hope to provide more details this week on an emergency lending facility directed toward medium-sized businesses, which have not yet benefited from the $2 trillion economic rescue package signed into law last month.
“We are actively working with the Fed on a Main Street lending facility,” Mnuchin said on CNBC Wednesday morning. “We hope to have an announcement this week with the details on that and get it up and running as soon as we can.”
He said the facility would be aimed at businesses with more than 500 employees that don’t have access to the Fed’s corporate credit facilities, which will buy debt issued by large companies.
The Fed and Treasury have been working for weeks to set up that emergency program, which is supposed to be funded by some of the $500 billion set aside by Congress for loans to businesses and municipalities.
Fed Chair Jerome Powell is set to speak Thursday at a virtual event hosted by the Brookings Institution, where he could provide more information on the Main Street facility.
Mnuchin also reassured small businesses, which are seeking billions of dollars in loans from another federal lending facility, that the government “will not run out of money” for loan guarantees through the Small Business Administration.
The loans have been in such high demand that the Trump administration announced Tuesday that it was seeking another $250 billion to fund the effort, on top of the $349 billion already included in the last coronavirus response package. The Senate could move this week to approve the new relief.
Mnuchin said he hoped Congress would approve that funding Thursday or Friday.
“If you don’t get a loan this week, you’ll get a loan next week or the following week,” he said. “The money will be there.”
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April 08, 2020 at 10:34PM
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Mnuchin hopes to unveil 'Main Street' lending facility this week - POLITICO
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