6.19.20
The Federal Reserve (Fed) released a proposal this week that would expand its Main Street Lending Program so that it applies to nonprofit organizations. Under the proposal, nonprofits would be eligible to receive loans between $250,000 and $300 million after meeting several eligibility conditions. The proposal comes as many industry experts worry about the long-term impact of the pandemic on college students and universities. Fed Chairman Powell praised the proposal noting, “Nonprofit organizations are critical parts of our economy, employing millions of people, providing essential services to communities, and supporting innovation and the development of a highly skilled workforce.”