Last Friday, July 17, the Federal Reserve (the Fed), expanded their Main Street Lending program to allow certain nonprofits to receive pandemic relief. Under the program, nonprofits who meet the criteria found in the new term sheet are now eligible for loans from $250,000 to $300 million. The expansion comes as the Fed and industry experts became concerned that nonprofits would not be able to weather the economic damage caused by COVID-19. “Nonprofits provide vital services across the country and employ millions of Americans. We have listened carefully and adapted our approach so that we can best support them in carrying out their vital mission during this extraordinary time,” said Fed Chairman Powell.