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May 21, 2020

Regional Fed chief: Slow economic rebound would boost loan program

AP Economics Writer

WASHINGTON — The president of a regional Federal Reserve bank that will oversee a groundbreaking business lending program said Wednesday that he thinks a slower-than-expected recovery from the economic downturn would lead companies to seek critical support from the program.

In an interview with The Associated Press, Eric Rosengren, president of the Federal Reserve Bank of Boston, said the new Main Street Lending Program will provide bridge loans to formerly healthy companies that are struggling because of the virus and the resulting business shutdowns and economic downturn. The Main Street program, announced in March, is expected to begin operations by June 1.

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