Federal Reserve Announces Start of Main Street Lending Program
In a press release published June 15, 2020, The Federal Reserve Bank of Boston announced the opening of the much-anticipated $600 billion Main Street Lending Program (“MSLP”). The MSLP was created as part of the CARES Act for the purpose of providing loans to small to medium-sized businesses impacted by the COVID-19 pandemic. Additional information about the different lending facilities available to borrowers and loan terms can be found in our previous article about the MSLP (here).
MSLP loan applications will be processed by approved lenders such as banks. The Federal Reserve is encouraging lenders to register on the program’s lender portal and begin making loans immediately. As there is not currently a listing of approved lenders, interested borrowers should contact their banking institution to determine if they are participating in the program.
Please contact us if you have any questions about the MSLP or for help determining if the program is the right fit for your business.