FILE IMAGE: The Federal Reserve structure is set versus a blue sky, in the middle of the coronavirus illness (COVID-19) break out, in Washington, U.S., Might 1,2020 REUTERS/Kevin Lamarque – RC2VFG9GXZIM/File Picture
WASHINGTON (Reuters) – Around 600 banks, most of them small neighborhood institutions, tapped the Federal Reserve’s Income Security Program center for about $30 billion of loans since Might 6, the U.S. reserve bank reported on Saturday in its first detailed disclosure under the brand-new program.
The lenders utilized 3,676 PPP loans they had provided to small companies as collateral f