Fed announces $2.3 trillion in additional lending

WASHINGTON (AP) — The Federal Reserve is taking additional steps to provide up to $2.3 trillion in loans to support American households and businesses, as well as local governments, as they deal with the coronavirus.

The Fed said Thursday that it is activating a Main Street Lending Program authorized by the $2.3 trillion economic relief bill pass by Congress last month.

Federal Reserve Chairman Jerome Powell said the Fed's role was to “provide as much relief and stability as we can during this period of constrained economic activity.”