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In Call With Chairman Powell, Schumer Urges Federal Reserve To Open Lending Program Up To Nonprofits & Cities And Counties

Brooklyn, N.Y. – Senate Democratic Leader Chuck Schumer today released the following statement after speaking with Federal Reserve Chairman Jerome Powell urging him to make the Fed’s lending programs accessible to nonprofit organizations as well as more counties, cities and localities:

“Nonprofit entities that millions of Americans rely on are under great financial strain because of the coronavirus pandemic. During a call this afternoon, I strongly urged Fed Chair Powell to allow nonprofit organizations to be eligible to receive loans through the Fed’s Main Street Lending facility. He indicated to me that that the Fed is actively working on solutions, and nonprofits will very likely be included.

“I further impressed on Fed Chair Powell that the population threshold for cities and counties to access the Municipal Liquidity Facility was way too high—and he assured me that the Fed was similarly working to make the program directly accessible to more cities and counties.

“I appreciate the Federal Reserve’s understanding that these extraordinary times require the Fed to do more to help keep all sectors of our country up and running—including the public and nonprofit sectors. As a part of their efforts to quickly and transparently deliver for those in need because of the coronavirus, the Fed must ensure that larger nonprofit entities as well as cities, counties and states get the assistance they need as they continue to provide help to countless Americans who have been impacted by the coronavirus.”