For small and mid-size businesses that are fighting to stay alive during the COVID-19 downturn, it's another available lifeline.
The Federal Reserve announced Thursday that it is expanding a new lending program to help businesses cope with the economic slowdown.
The Fed's Main Street Lending Program is designed to provide up to $600 billion in loans to eligible businesses.
In announcing the expansion, the Fed said it will allow businesses with up to 15,000 employees and $5 billion in annual revenue to qualify. That is up from earlier limits of 10,000 workers and $2.5 billion in revenue.
KRLD's Chris Sommer talked with Bloomberg economic correspondent Rich Miller, who explained the Federal Reserve program, and how it differs from the Payroll Protection loan program, which has been hampered by glitches.





