10.30.20
Last Friday, October 30, the Federal Reserve (Fed) made two major changes to their Main Street Lending Program. The first change was a reduction in the minimum loan size available to both profit and non-profit borrowers from $250,000 to $100,000 . The Fed also modified their frequently asked questions (FAQs) for the program allowing Paycheck Protection Program loans of up to $2 million to be excluded when determining the maximum loan size of the Main Street Lending Program loan. Both changes were made in the hopes of propping up small and medium businesses impacted by the COVID-19 pandemic. As of October 30, the Main Street Lending Program has made almost 400 loans valuing at approximately $3.7 billion.