The Main Street Lending Program is a new initiative intended to provide loans to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic.
Under the program, the Federal Reserve will support up to $600 billion of loans to eligible small and medium-size businesses. The loans will be made by federally insured banks and savings associations and credit unions and foreign banks operating in the U.S. The loans will be available until September 30, 2020, and are not forgivable. The Main Street Lending Program facilities are not yet operational, but continues to be a top priority for the Federal Reserve to implement.
To learn more about the program, click here.