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Federal Reserve Announces Main Street Lending Program and Other Facilities to Provide Credit to Businesses, States, and Municipalities Impacted by COVID-19

April 9, 2020, Covington Alert

Today, the Board of Governors of the Federal Reserve announced the creation of four new liquidity facilities and the expansion of three previously announced liquidity facilities to provide credit to borrowers impacted by the COVID-19 pandemic. Whereas the previously announced programs primarily targeted certain financial markets and their participants (such as the markets for commercial paper and U.S. Treasury securities), the new programs announced today will be used to support loans to U.S. businesses, as well as certain U.S. states and municipalities.

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