The Federal Reserve announced a Main Street New Loan Facility among several actions aimed at pumping in another $2.3 trillion of financing into U.S. businesses.
Here are the highlights of two lending programs aimed at small businesses:
1. Main Street New Loan Facility (MSNLF)
2. Main Street Expanded Loan Facility (MSELF)
The MSELF is essentially the same loan program as the MSNLF except for the maximum amount a business can borrow. Businesses in the MSELF program can borrow up to the lesser of $150 million or a more complicated calculation using several of the business’s financial indicators.
The application process is under development
The Federal Reserve is finalizing details of the program, which will be administered through banks and other lending institutions. Stay in touch with your banker to find out how to apply once the Fed makes the application form available.
Last updated: 04/16/2020
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