Main Street Lending Program Provides Relief for WNY Businesses
Jamie Batt and our Business Law team provide a brief overview of the Main Street Lending Program the Federal Reserve has established to provide financing for certain American businesses that were unable to receive funding under the Paycheck Protection Program or need additional financial support after receiving previous funding. The program will provide four-year loans to eligible businesses with interest and principal payments deferred for one year. Eligible banks will be able to either extend new loans to eligible businesses or increase the size of a business’s current loan. Although the program’s start date has not been announced, see below for information regarding eligibility, loan amounts available, and how to apply.
To be eligible for the Main Street Lending Program a business must:
- Be eligible for a loan under the Small Business Association (SBA) regulations. Ineligible businesses under SBA regulations are provided here.
Click here forthe remaining eligibility requirements, loan availability and how to apply for the Main Street Lending Program