Fed program targeting businesses too big for PPP mostly benefits businesses that got PPP – By Ben Weider (Miami Herald) / Aug 27 2020
A federal loan program designed to help mid-sized businesses struggling during the pandemic has, instead, primarily benefited small businesses who already received federal Paycheck Protection Program loans.
A Miami Herald analysis found that 10 of the first 13 disclosed recipients of loans in the Federal Reserve Board’s Main Street lending program also received PPP loans.
There’s no prohibition on double-dipping between the programs, though Eric Rosengren, the president of the Federal Reserve Bank of Boston, which is administering the Main Street program, made clear in a hearing of the Congressional Oversight Commission earlier this month that the program is intended for bigger borrowers.
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