Federal Reserve Announces New Main Street Loan Terms for Small to Mid-Sized Businesses
Highlights
Main Street Program loan facilities expanded to include businesses employing up to 15,000 or with revenues under $5 billion
A new program called the Main Street Priority Loan Facility (MSPLF) has been added, with adjusted maximum loan size
The expanded program offers more options to a broader set of eligible small and medium-sized businesses
On April 30, 2020, the Federal Reserve announced new terms for the loan programs intended to facilitate $600 billion in funds to eligible businesses that were in good financial standing before the COVID-19 pandemic, offering four-year loans to companies. The Federal Reserve expanded the eligible businesses to those employing up to 15,000 (increased from 10,000 employees) or with revenues less than $5 billion (raised from $2.5 billion), with the express intent to help businesses maintain payroll and retain employees by using the loan proceeds.
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