Fed Chairman Powell Says Main Street Loans Just ‘Days Away’

Federal Reserve Chairman Jerome Powell reportedly told Princeton University economist Alan Blinder on Friday that Main Street loans are just days away. [Forbes]

The loans are designed for mid-sized businesses that are too big for previous stimuli but too small to issue their own debt.

The loans will range in size from $500,000 to $100 million. After the loans are issued, the Fed has promised to buy 85-95% of the loans in order to mitigate the pain for banks.

Powell said that despite the challenges of ‘getting in’ to the mid-sized business market, the Fed must proceed. Loan forms for businesses were released Monday, and evaluations will begin in June.

The Fed balance sheet has burgeoned by $3 trillion already in just 90 days. Stocks and other assets like Bitcoin have seen markets return to near pre-COVID levels, as liquidity has increased substantially.

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