The Fed threw a lifeline to Main Street by announcing a significant intervention into the real economy.
- Congressional backstop of $85 billion
- Fed liquidity commitment of $915 billion
- Term finance 2.25% over five years with quarterly payments
- Eligibility: firms with $5 billion in revenues or less
Small firms with fewer than 500 employees will be able to receive forgivable loans to cover up to two weeks in pay for their workers.