U.S. banks seek term changes as Fed finalizes Main Street Lending Program
WASHINGTON (Reuters) - U.S. banks are pushing the Federal Reserve to change the terms of a $600 billion lending program for small and medium-sized businesses, including reducing minimum loan sizes and allowing more flexibility on underlying reference rates, industry groups said.
Over the past few days, Washington-based bank groups have given the Fed feedback on the terms of the Main Street Lending Program designed to help mitigate the economic impact of the coronavirus outbreak. The program was unveiled on April 9 and is due to launch in coming weeks.