On April 14, 2020, we sent out a communication regarding COVID-19 relief updates including two new loan options: Main Street New Loan Facility and Main Street Expanded Loan Facility.
Recently, the Federal Reserve Board announced it is expanding the scope and eligibility for the Main Street Lending Program. In response to the public input, the Board decided to expand the loan options available to businesses and increased the maximum size of businesses that are eligible for support under the program.
The changes include:
- Creating a third loan option, with increased risk sharing by lenders for borrowers with greater leverage;
- Lowering the minimum loan size for certain loans to $500,000; and
- Expanding the pool of businesses eligible to borrow.
Read the full Federal Reserve Board press release here.