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US Federal Reserve announces USD 2.3 trln in loans to support economy

WASHINGTON, April 9 (KUNA) -- The US Federal Reserve took Thursday additional actions to provide up to USD 2.3 trillion in loans to support the economy.
"This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic," the Federal Reserve said in a statement.
Federal Reserve Chief Jerome Powell said in this regard "our country's highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of the virus.
"The Fed's role is to provide as much relief and stability as we can during this period of constrained economic activity, and our actions today will help ensure that the eventual recovery is as vigorous as possible," he affirmed.
The Federal Reserve noted that "the Main Street Lending Program will enhance support for small and mid-sized businesses that were in good financial standing before the crisis by offering four-year loans to companies employing up to 10,000 workers or with revenues of less than USD 2.5 billion." (end) si.bs