On December 29, the Federal Reserve announced it would extend the termination date of Main Street Lending program facilities to January 8, 2021. The extension will allow additional time for lenders to process and fund loans that were submitted to the Main Street lender portal on or before December 14, 2020. Release.
On October 30, the Federal Reserve Board (FRB) announced adjustments to the Main Street Lending Program in an effort to better support smaller businesses. The changes include reducing the minimum required loan size to $100,000 from $250,000 and adjusting the fees to encourage eligible lenders to provide these smaller loans. Release.
On June 8, the Federal Reserve Board (the “Board”) announced that it was expanding its Main Street Lending Program to allow more small and medium-sized business to qualify for the program. Among the changes, the Board lowered the minimum loan size for certain loans from $500,000 to $250,000, increased the maximum loan size for all facilities, increased the term of each loan option from four years to five years and extended the repayment period for all loans by delaying principal payments for two years rather than one year. Release.
