The Fed Releases Updated Main Street Lending Program Information
Published by
Laura Sprouse
on
JUNE 1, 2020
The Main Street Lending Program is designed to support medium-sized and small businesses and their employees across the United States during the current period of financial strain, by supporting the provision of credit to such businesses. The availability of credit is intended to help companies that were in sound financial condition prior to the onset of the COVID-19 pandemic maintain their operations and employment until they have recovered from, or adapted to, the impacts of the pandemic. The loans must be repaid and both the borrower and lender must meet eligibility requirements to participate.
The program will be administered for the Federal Reserve System by the Federal Reserve Bank of Boston, which established a Special Purpose Vehicle to purchase loan participations from eligible lenders across the United States.
Please see the most recent FAQs released by the Federal Reserve Bank.