The United States Federal Reserve released details of its $2.3 trillion loan program designed to combat the economic fallout from the coronavirus pandemic.
"Our country's highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of the virus," Fed Chairman Jerome Powell said in the update unveiled on Thursday.
The steps outlined by the Fed include bolstering the Small Business Administration's Paycheck Protection Program (PPP). "The Fed's role is to provide as much relief and stability as we can during this period of constrained economic activity, and our actions today will help ensure that the eventual recovery is as vigorous as possible," Powell explained in the release.
