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Fed adjusts terms of Main Street Lending Program to better target support to smaller businesses that employ millions of workers
The Federal Reserve Board on Friday adjusted the terms of the Main Street Lending Program in two important ways to better target support to smaller businesses that employ millions of workers and are facing continued revenue shortfalls due to the pandemic. In particular, the minimum loan size for three Main Street facilities available to for-profit and non-profit borrowers has been reduced from $250,000 to $100,000 and the fees have been adjusted to encourage the provision of these smaller loans. The Board and Department of the Treasury also issued a new frequently asked question clarifying that Paycheck Protection ... (full story)
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Main Street New Loan Facility
The Main Street New Loan Facility (“Facility”), which has been authorized under section 13(3) of the Federal Reserve Act, is intended to facilitate lending to small and medium-sized Businesses by Eligible Lenders. Under the Main Street Lending Program (“Program”), including the Facility, the Main Street Priority Loan Facility (“MSPLF”), the Main Street Expanded Loan Facility (“MSELF”), the Nonprofit Organization New Loan Facility (“NONLF”), and the Nonprofit Organization Expanded Loan Facility (“NOELF”), the Federal Reserve Bank of Boston (“Reserve Bank”) will commit to lend to a single ... (full story)
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Main Street Priority Loan Facility
The Main Street Priority Loan Facility (“Facility”), which has been authorized under section 13(3) of the Federal Reserve Act, is intended to facilitate lending to small and medium-sized Businesses by Eligible Lenders. Under the Main Street Lending Program (“Program”), including the Facility, the Main Street New Loan Facility (“MSNLF”), the Main Street Expanded Loan Facility (“MSELF”), the Nonprofit Organization New Loan Facility (“NONLF”), and the Nonprofit Organization Expanded Loan Facility (“NOELF”), the Federal Reserve Bank of Boston (“Reserve Bank”) will commit to lend to a single ... (full story)
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Main Street Expanded Loan Facility
The Main Street Expanded Loan Facility (“Facility”), which has been authorized under section 13(3) of the Federal Reserve Act, is intended to facilitate lending to small and medium-sized Businesses by Eligible Lenders. Under the Main Street Lending Program (“Program”), including the Facility, the Main Street Priority Loan Facility (“MSPLF”), the Main Street New Loan Facility (“MSNLF”), the Nonprofit Organization New Loan Facility (“NONLF”), and the Nonprofit Organization Expanded Loan Facility (“NOELF”), the Federal Reserve Bank of Boston (“Reserve Bank”) will commit to lend to a single ... (full story)
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FAQ: Do PPP loans count as “outstanding debt” for purposes of Main Street?
When computing “existing outstanding and undrawn available debt” for purposes of determining the maximum allowable loan amount under Main Street, Eligible Lenders and Eligible Borrowers may exclude PPP debt, as set out in (A) and (B) below, provided that the Eligible Borrower, together with its affiliates (as defined for purposes of the PPP), received PPP loans with original principal amounts totaling less than $2 million. Under such circumstances, the following may be excluded from the “existing outstanding and undrawn available debt” calculation: A. If the Eligible Borrower has applied for forgiveness of ... (full story)
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