The concept of the government as a "lender of last resort" is antithetical to an efficient economy. Why won't any of the private investors lend? Because they know it's it a bad deal! The Fed, for purely political reasons, pretends otherwise.
If a business cannot weather the vicissitudes of the market, despite world events, its not fit to function in the world. Would the government not doing anything to "help" result in damage? Yes. Companies would fail. People would lose their jobs. However, those short-term losses would be more than offset when the market reallocated that businesses' resources and created new businesses and jobs.
All the Fed did (and does) in these "last resort" cases is prolong economic agony and minimize growth.