The Federal Reserve launched the unprecedented ‘Main Street’ funding support plan Thursday, funding nearly $2.3 trillion into the U.S. economy as it continues to battle the coronavirus pandemic.

The Fed said it will use $75 billion in Treasury capital to purchase up to $600 billion in small and mid-sized business loans, and lend around $500 billion to states and cities around the country. The four-year loans will focus on companies with 10,000 employees or less, the Fed said, and will compliment the central bank’s previous announcement of its intention to purchase municipal bonds. The Fed will also extend facilities to support credit markets by another $850 billion, the central bank said.

The move followed news that more than 6.6 million Americans filed for unemployment benefits last week, taking the three-week tally to around 16 million.

Fed unveils details of $600B Main Street lending program for businesses hurt by pandemic

Via abcnews.go.com