Under provisions outlined for the first time, the loans would be geared toward businesses with up to 10,000 employees and $2.5 billion in revenues for 2019.

The Fed said the loans would total up to $2.3 trillion.

“Our country’s highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of the virus,” said Fed Chair Jerome Powell in a statement. “The Fed’s role is to provide as much relief and stability as we can during this period of constrained economic activity, and our actions today will help ensure that the eventual recovery is as vigorous as possible.”