Fed Chairman Powell made comments yesterday that provide more insight into the Fed’s plans for this and other loan programs. As Capital Alpha reported after the Chairman’s press conference, the Chairman said (among other comments)
At 10:00 AM Eastern this morning the Fed issued a press release on the Main Street Lending Program, along with new term sheets. While we are still reviewing the information and have not yet completed a thorough analysis, we wanted to get it to you as quickly as possible.
The SBA’s Paycheck Protection Program resumed lending today after $310 billion in loan authority was provided under legislation signed last Friday by President Trump. However, SBA’s electronic filing system crashed within minutes of the program re-opening as a week-plus of backlogged applications