Main Street gets another injection

Small businesses received substantial support Thursday from one part of Washington, D.C., while getting no action from another segment of government — at least, not yet.

The Federal Reserve’s pledge to provide an additional $2.3 trillion in loans includes additional backing for the $349 billion Paycheck Protection Program being driven by the U.S. Small Business Administration. It also calls for buying up to $600 billion in loans through its Main Street Lending Program. Companies with up to 10,000 employees or revenue of less than $2.5 billion can apply for four-year loans under the program. Banks will originate the loans and keep up to a 5% share, with the balance being sold to the Fed.

The central bank announced its plans at 8:30 a.m. ET — the exact time the Department of Labor was releasing its latest staggering figures on new unemployment claims.

Not long after, a Republican-led push in the Senate for an additional $250 billion in lending for small businesses stalled after Democrats objected to how the funding was being allocated. No further action was expected till Monday.