The Wall Street Journal reported that the Federal Reserve will not use the Main Street Lending Program to promote SOFR, its LIBOR replacement of choice.

The Journal noted that the move is indicative of the trouble the financial system faces while attempting to shift away from LIBOR to a new benchmark.

Prior to COVID-19, the Journal noted that many doubted the ability of borrowers and lenders to adopt SOFR and these doubts have intensified as it adds a layer of complexity to stimulus efforts.