Changes to, and Preparing for the Main Street Lending Programs
The Federal Reserve recently released additional details on its Main Street Lending Program. The Program was suggested in the CARES Act in order to help credit flow to small- and medium-sized businesses. After seeking comment on the Program, the Fed announced an expansion of eligibility for borrowers. Now businesses with up to 15,000 employees or up to $5 billion in revenue are eligible. Importantly, for smaller businesses, the Fed also reduced the minimum loan size for some of the Program’s facilities to $500,000.
While the Fed has yet to announce a start date to the Program, NACS is hosting a webinar to explain the three different Program facilities available and what the mechanics of those facilities will look like. To help explain this we have experts from the law firm Steptoe & Johnson, LLP. Matthew Kulkin, Doug Kantor, and Josh Oppenheimer from Steptoe’s Washington, D.C. office will walk us through these important new developments.
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