News reports detail how the Main Street Lending Program and the Paycheck Protection Program, the Fed’s programs to assist small- and medium-sized business, have failed in their missions. This is partly because the private banks’ participation in the programs was optional, creating confusion for those applying. Loan-seekers had to search for a participating bank, then try to figure out how to apply for the programs. Many banks did not even know the programs existed.
June 29, 2020