Fed's Main Street pandemic support program off to slow start
August 7, 2020
WASHINGTON (AP) — The Federal Reserve says that its Main Street Lending Program designed to help small and medium-sized companies get through the pandemic has managed to make just eight loans in its first month of operations.
In its first report on the program, the Fed said Thursday it had provided $76.9 million in loans since it started operations July 6. That's just a sliver of the up to $600 billion the Fed has said it will provide to cash-strapped companies through the program.
The largest loan, for $50 million, went to a Mount Pocono, Pennsylvania, casino operator. That was followed...