"The Federal Reserve revamped its Main Street Lending Program in ways that will allow battered oil companies to qualify for the aid after industry allies lobbied the Trump administration for changes.
Larger, more heavily indebted companies can now qualify and use the money to pay off prior loans under the changes the central bank announced Thursday.
The move opens the door to more oil and gas producers, said Senator Kevin Cramer, a Republican from North Dakota, who had pressed the administration on the issue as energy companies struggle to survive an epic collapse in fuel demand and crude prices."
Jennifer A. Dlouhy, Ari Natter, and Saleha Mohsin report for Bloomberg May 1, 2020.
Source: Bloomberg Environment, 05/04/2020
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