Trader Peter Tuchman works on the floor of the New York Stock Exchange Monday, March 16, 2020. (Photo: AP)

The Federal Reserve says it will buy short-term loans from banks and companies to support the flow of credit as the economy grinds to a halt amid the viral outbreak. 

The Fed is reviving a program that it first used during the 2008 financial crisis to unclog a short-term lending market for what is known as “commercial paper.” Large businesses issue commercial paper to raise cash to meet payrolls and cover other short-term costs.