The last time a serious economic downturn hit in 2008, Evan Schade was in high school and the crisis seemed like a news event that happened to other people. When nonessential businesses were closed last month in Kansas City, Mo., where he lives, Mr. Schade, 26, lost his job at a carpet store and almost all of the shifts in his second job at a coffee shop.
The Fed announced that it would try motivating banks to make loans under the new S.B.A. program. The Federal Reserve said on Monday that it would help backstop a new government effort aimed at encouraging banks to lend to small businesses, moving in to support a new federal program that has gotten off to a rocky start. Congress has dedicated $350 billion to make…Read more