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Fed extends emergency loan program for three more months El Tiempo Latino

ECONOMY. Federal Reserve Building in Washington, DC, United States. | Photo: Efe.

The United States Federal Reserve reported on Monday that the business loan programs, whose purpose is to alleviate the economic consequences of COVI-19, were extended until March 31, 2021, AFP reported.

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The national Treasury Department initially tried to end the loans, which began in March, by the end of this year; but finally agreed to the extension requested by the central bank.

The central bank argued that credits are essential to finance markets in the short term and guarantee the flow of credits necessary for the economy.

In March, the central bank proposed supporting auto or mortgage loans and offering loans to organizations, in order to avoid default.

The Trump Administration, for its part, had asked the Federal Reserve to return approximately $ 455 billion in funds for the coronavirus emergency not yet used.

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The petition was criticized by experts and political leaders: For supporters of President-elect Joe Biden, the move was an attempt to complicate the economy for the next government.

With information from AFP.

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