Fed will make up to $4 trillion in loans to businesses to rescue the U.S. economy, Mnuchin says

03-22-2020 • https://www.marketwatch.com, By Greg Robb

Treasury Secretary Steven Mnuchin said Sunday that the Federal Reserve will play a key role in lending funds to businesses hurt by the coronavirus pandemic.

"Working with the Federal Reserve — we'll have up to $4 trillion of liquidity that we can use to support the economy," Mnuchin told Fox News on Sunday.

"Those are broad-based lending programs. ... We can leverage our equity working with the Federal Reserve," he said.The Treasury secretary said the plan is broad-based to help small and large businesses "get through the next 90 to 120 days," he said.

Mnuchin said he thought the bill would be finished Sunday and ready for a vote on the Senate floor on Monday.