Partner attorney Jamie Batt and the rest of our Business Law team provide a brief overview of the Main Street Lending Program the Federal Reserve has established to provide financing opportunities for certain American businesses that were unable to receive funding under the Paycheck Protection Program or need additional financial support after receiving the previous funding. The program will provide four-year loans to eligible businesses with the interest and principal payments deferred for one year. The 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 Main Street Lending program’s start date has not been announced, please see below for more information regarding eligibility, the loan amounts available, and how businesses can 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 for the remaining eligibility requirements, loan availability and how to apply for the Main Street Lending Program
If you have any questions regarding the program please contact Jamie Batt or a member of our business law practice group.