U.S. Federal Reserve to launch $2.3 trillion in Main Street loans as part of coronavirus aid

The U.S. Federal Reserve is working on providing up to $2.3 trillion in loans to support American households and businesses, as well as local governments, which were affected by the coronavirus.

The Fed said on Thursday that it is activating a Main Street Lending Programme authorised by the $2.3 trillion economic rescue bill passed by Congress last March.

Fed Chairman Jerome Powell said the Fed’s role is to “provide as much relief and stability as we can during this period of constrained economic activity.”