The fed has expanded its Main Street Lending Program, here’s what businesses should know: by theothersarahh
The Main Street Lending Program is designed for small and mid-sized businesses struggling because of the coronavirus slowdown and that don’t qualify for the Small Business Administration’s Paycheck Protection Program or the Economic Injury Disaster Loan program, and can’t access other forms of capital.
Companies with less than 15,000 people or annual revenue of up to $5 billion are eligible, the Fed said today ; companies that have received PPP loans are still eligible for the Main Street program. The central bank will then buy either 95% or 85% of every loan up to $600 billion to ease the burden on banks’ balance sheets.
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