The Federal Reserve recently announced that it is establishing the Main Street Lending Program (“MSLP”) to provide significant financing for businesses impacted by the COVID-19 pandemic. The MSLP will provide 4-year loans to companies employing up to 10,000 workers (or with revenues of less than $2.5 billion on an annualized basis). The minimum loan size will be one million dollars. Principal and interest payments will be deferred for one year. MSLP loans are not currently available, but they are expected to come online soon, as the Federal Reserve is currently working to create the necessary infrastructure and is considering feedback provided by the public. Potential borrowers may be eligible for an MSLP loan even if they have already received a Payroll Protection Program loan. We anticipate that additional guidance on this new program will be forthcoming in the near future.
Please contact Julie Pace, Chris Raddatz, or Tim Forsman for more information on how your business can take advantage of the forthcoming Main Street Lending Program, or for assistance with other Federal resources and requirements associated with the COVID-19 pandemic.
