The first version of the Fed’s big-business bond-buying program, known as the Primary Market Business Credit Facility, would likely have forced aid recipients to limit pay and dividends leaders. This version of the program, described in a March 23 term sheet released by the Fed, offered direct loans and bond purchases to companies. Under the Cares Act, federal programs offering direct loans must impose restrictions on corporate dividends and CEO compensation; those who only buy corporate bonds do not. Both are forms of loan, although bonds are more easily resold.