April 30, 2020 / 3:26 PM / a month ago

Fed: Main Street program widened to diverse set of new companies

WASHINGTON (Reuters) - The Federal Reserve expanded its Main Street lending program to be sure it captured larger firms that were still not big enough to tap public capital markets, the central bank said.

The group of added firms, with between 10,000 and 15,000 employees and $2.5 billion and $5 billion in revenue, are diverse and not weighted to any particular industry, the Fed said. Changes to insist on only “commercially reasonable” efforts to keep employees was meant to avoid restrictions that might discourage participation, or weaken firms that were struggling, the Fed said.

Reporting by Howard Schneider; Editing by Chizu Nomiyama

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