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The Federal Reserve outlined a proposal Monday to include nonprofit organizations in its previously introduced $600 billion lending program for small and midsize businesses disrupted by the coronavirus pandemic.
The central bank said it was seeking feedback on loan terms that broadly mirror the five-year loans that carry a rate of 3 percentage points above short-term borrowing rates under the existing Main Street Lending Program. That program is open to businesses with up to 15,000 employees of $5 billion in annual revenue last year.
