Stock market news live updates: Stocks plunge after rate hike, Powell comments

view original post

Associated Press

US has sent $8.28 billion in pandemic funds to local lenders

On the same day the Federal Reserve gave a sobering report on the U.S. economy’s trajectory, administration officials highlighted how they have kept some of the nation’s smallest businesses afloat through the pandemic. Roughly $8.28 billion in relief funds have been disbursed to 162 community financial institutions across the country, through Treasury’s Emergency Capitol Investment Program, officials said Wednesday. The funding regime, abbreviated ECIP, is one of several pandemic relief programs meant to support community financial institutions — which provide loans, grants, and other assistance to small and minority-owned businesses that have difficulty getting funding from traditional banks.

Related Posts