Fed encourages institutions to consider participating in COVID-19 relief programs

This story appeared in Bank Digest.

The Federal Reserve Board has informed financial institutions it supervises about several forms of relief available to small businesses affected by COVID-19 under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748). The Fed is encouraging financial institutions to consider participating in programs administered by the Small Business Administration and programs offered by the Treasury Department. The Fed said its examiners will not criticize supervised institutions that prudently use these programs.