Alerts6.12.20
Federal Reserve Expands Main Street Loan Facilities
Highlights
Main Street Program loan facilities were expanded by the Federal Reserve Board on June 8, 2020
The Federal Reserve Board is encouraging lenders to begin funding Main Street Loans immediately even though the board has not yet begun purchasing loans
All Main Street loan facilities will now include the following terms: five-year term, principal deferred for two years, interest deferred for one year, interest at LIBOR plus 3 percent, and pre-payment without penalty
The Federal Reserve Board has expanded its Main Street Lending Program, promulgated under the CARES Act, to allow more small and medium-sized businesses to take advantage of the support.
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