The Fed and the Treasury to buy debt issued by banks that lend through a $349-B government program designed to help small businesses impacted by the coronavirus.
The Small Business Administration (SBA) Friday processed more than 28,000 loans through 1,200 local lenders worth $5.4-B. Now, those lenders that originated the loans will see the government purchase that debt so that they can maintain enough liquidity to continue making loans under the Paycheck Protection Program (PPP) to help companies hit by the coronavirus pandemic.
A Treasury Department spokesman did not immediately reply to a request for comment.
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