Fed lowers loan size to attract more small businesses to Main Street Lending Program. Again.
By Andy Medici – Senior Staff Reporter, Washington Business Journal
2 hours ago
The Federal Reserve has once again altered the terms of its $600 billion Main Street Lending Program to reach more small businesses.
The minimum loan size for both for-profit businesses and nonprofits is now just $100,000, down from the $250,000 loan minimum before. In addition, Paycheck Protection Program loans of up to $2 million will now be excluded from calculating the size of a possible Main Street loan, the Fed announced Friday.
New versions of the loan documents will be available in the coming days, the agency said.
The latest change is yet another in a series of efforts to make the program more attractive — and more useful — to small businesses during the Covid-19 pandemic. The Main Street Lending Program was originally rolled out as part of a $2.3 trillion package of financial aid funded in part from the CARES Act signed into law March 27...snip
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