The Main Street Lending Program is designed to provide support to small and medium-sized 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 additional 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 payroll until conditions normalize. Small and medium-sized businesses are integral to the U.S. economy and create jobs for a large share of the U.S. workforce.
- On July 23, 2020, the Federal Reserve Board published the Main Street Lending Program’s frequently asked questions for nonprofit lending. View the FAQs here.
- On July 17, 2020 the Federal Reserve Board modified the Main Street Lending Program to support greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations. View the term sheets here.
- On July 15, 2020, the Main Street Lending Program’s frequently asked questions for business lending were amended to provide further guidance on a number of issues. See what changed.
- On July 8, 2020, the Federal Reserve Bank of Boston published a state-by-state listing of lenders participating in the Main Street Lending Program who are currently accepting applications from new business customers and also elect to be listed. View the listing here.
- On July 6, 2020, the Federal Reserve Bank of Boston announced that the Main Street Lending Program is now fully operational for business lending, ready to purchase participations in eligible loans that are submitted to the program by registered lenders. Learn more about registration or read the press release here.
For more details, please visit: https://www.bostonfed.org/supervision-and-regulation/supervision/special-facilities/main-street-lending-program.aspx