And the Fed provided details on another previously untried “Main Street” lending program that could offer some relief to major American employers left out of other government initiatives. About 19,000 United States companies have between 500 and 10,000 employees, and they employ 30.3 million workers, Census Bureau data show. Many of those are too big to get small business loans, but too small to tap corporate debt markets.

Companies with up to 10,000 workers, or up to $2.5 billion in revenues, will be able to gain access to four-year loans through the program. Banks will originate the loans and retain a 5 percent share, but can sell the remainder — in total, up to $600 billion — to the Fed. The Treasury will provide $75 billion in backup to protect the central bank.

While companies seeking the loans “must commit to make reasonable efforts to maintain payroll and retain workers,” according to the announcement, the central bank has yet to strictly define what that means or how it will be enforced.

Though the borrowers must follow restrictions on compensation, stock repurchase and dividend restrictions set out in the recently passed congressional package, the Fed stopped short of applying limits on offshoring suggested in the law.

Principal and interest on those loans can be deferred for one year, but the borrowing is not forgivable, unlike the small business loans Congress authorized. The program design is still open to comment. The Fed gave no guidance on when it, or other new programs announced, would be up and running.

Help for state and city governments

Fed relief for states and cities had also been highly anticipated because Congress provided only limited aid to those governments in its recent legislation. The markets that local governments use to issue bonds and finance themselves have been in turmoil, which threatened to make it difficult for officials to fund operations just as revenues dried up and the need for cash skyrocketed.

The new program will buy up to $500 billion of short term notes — with maturities of up to two years — straight from U.S. states, counties with at least 2 million residents, and cities with a population of at least one million residents, according to the Fed release.