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Up on Main Street

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Abstract

The Main Street Lending Program was the last of the facilities launched by the Fed and Treasury to support the flow of credit during the COVID-19 pandemic. The others primarily targeted Wall Street borrowers; Main Street was for smaller firms that rely more on banks for credit. It was a complicated program that worked by purchasing loans and sharing risk with lenders. Despite its delayed launch, Main Street purchased more debt than any other facility and was accelerating when it closed in January 2021. This post first locates Main Street in the constellation of COVID-19 credit programs, then looks in detail at its design and usage with an eye toward any future programs.

Suggested Citation

  • Steph Clampitt & Donald P. Morgan, 2021. "Up on Main Street," Liberty Street Economics 20210205, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:89776
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    More about this item

    Keywords

    Main Street Lending Program; virus; COVID-19; bank lending;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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