One potential path here is: - Local and state governments provide bailout funds to suffering local businesses - Said governments issue new bonds to pay for th

One potential path here is: - Local and state governments provide bailout funds to suffering local businesses - Said governments issue new bonds to pay for this relief - Fed uses the recently-announced QE funds to buy the government bonds The question then becomes if communities can get organized enough to approve this, and then convince ratings agencies that the new bonds are good.