Main Street Lending Program Updates
The Federal Reserve Board on Thursday April 30th announced it is expanding the scope and eligibility for the Main Street Lending Program. As part of its broad effort to support the economy, the Federal Reserve developed the Main Street Lending Program to help credit flow to small and medium-sized businesses that were in sound financial condition before the pandemic.
The Fed has created policy tools and has updated their Main Street Terms Sheets and FAQs . Significantly, the new FAQ makes clear that Nonprofits are not eligible for the Main Street Loan Program. The Fed has, however, announced it is evaluating a separate approach tailored directly to nonprofits so stay tuned.
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