EXPLAINER-Next from the Fed: Help for Main Street
By Howard Schneider
WASHINGTON, April 9 (Reuters) - The U.S. 連邦の Reserve 答える／応じるd 急速な／放蕩な to the coronavirus 危機 with open-ended programs to keep 財政上の markets running and 確実にする major companies could raise cash as they usually do through large 資本／首都 markets.
By 軍隊ing major parts of the economy to 簡単に stop operating, however, the 現在の 危機 提起する／ポーズをとるs a direct 脅し to the hundreds of thousands of small and medium-sized 商売／仕事s that don't raise money by 問題／発行するing 在庫／株s or 社債s, but rely on myriad combinations of bank 貸付金s, owner's 資本／首都 and, in some 事例／患者s, personal credit cards or home 公正，普通株主権 貸付金s.
The Fed, in 調整 with the 財務省 Department, has now 発表するd a Main Street Lending 施設 as one of its linchpin programs in the 危機.
Here are the 詳細（に述べる）s:
世界保健機構 WILL PAY FOR IT?
In the $2.3 一兆 緊急 返答 法案 制定するd on March 27, $454 billion is 始める，決める aside for the U.S. 財務省 to use for new programs at the Fed, 含むing the one for "Main Street." The Fed has only 接近d a 部分 of that, with about $250 billion still 利用できる for programs yet to be 決定するd.
HOW BIG WILL IT BE?
The Fed is 存在 供給するd with a $75 billion 公正，普通株主権 火刑／賭ける from the 財務省 and will use that to 供給する $600 billion in credit to companies.
HOW DOES THE FED DO THAT?
The Fed gets its punch through "てこ入れ／借入資本," in this 事例／患者 taking the money from 財務省 and 許すing 財政上の 会・原則s to create about eight times that 量 in 貸付金s. The Fed is not supposed to take losses, since that would 量 to laying out taxpayers' money that it is not 権限を与えるd to spend. But most 貸付金s don't go bad: in 影響 every dollar 供給するd by 財務省 許すs many more dollars of lending, because most of it will be repaid. The 財務省's 基金s are there to cover only the small 部分 推定する／予想するd to go bad.
HOW WILL IT WORK?
Banks will make 貸付金s to companies. The l oans are for four years, for a 最小限 of $1 million, with 支払い（額）s deferred for a year and an 期待 that payrolls and 給料 will be kept 大部分は 損なわれていない. The bank can then sell up to 95% of that 貸付金 to a new Fed "special 目的 乗り物." The Fed is 制限するd from lending 直接／まっすぐに to companies or individuals, but it can use "SPVs" to lend or in this 事例／患者 to 購入（する） 貸付金s from banks. Because those lending 会・原則s know they can send the 貸付金s to the SPV, they are willing to make 取引，協定s with companies and 消費者s even in a risky 環境.
世界保健機構 WILL BE ELIGIBLE?
In theory any company with より小数の than 10,000 労働者s or いっそう少なく than $2.5 billion in 歳入. But in practice this is designed to help 会社／堅いs that are too big for a Small 商売／仕事 行政 program open to 商売／仕事s with up to 500 労働者s, and too small to raise money on public 資本／首都 markets. によれば 連邦の data there were about 18,000 companies as of 早期に 2019 with more than 500 労働者s. The 会社／堅いs are supposed to have been "in good 財政上の standing" before the 危機. The Fed will lean ひどく on banks to 文書 that: 貸す人s are 要求するd to keep a 5% 火刑／賭ける in each 貸付金, and thus be exposed to losses, to help 確実にする so.
(報告（する）／憶測ing by Howard Schneider; Editing by Dan 燃やすs and Andrea Ricci)
