Mon, July 13, 2020
The long-awaited Main Street Lending Program is finally operational this week and the Federal Reserve has released information on which banks have already qualified as lenders for the program. The Main Street Lending Program has a lending term of 5 years with a minimum loan size of $250,000 and maximum loan size of $300 million. The Federal Reserve Bank of Boston has more information on the three lending facilities, loan terms and conditions, and other frequently asked questions. In addition, lenders for the Paycheck Protection Program are still accepting applications through August 8, which could include loan forgiveness for maintaining the same number of employees and payroll, and the Economic Injury Disaster Loan (EIDL) Program is still operational through the Small Business Administration. The EIDL Program still includes up to a $10,000 advance grant that is not repayable even if the company does not qualify for the loan.