The Main Street Lending Program of the Federal Reserve will provide $600 million in relief to both small and mid-sized businesses. The program is made up of 2 parts: the Main Street New Loan Facility (MSNLF) and the Main Street Expanded Loan Facility (MSELF). Borrowers can only use one of the 2 programs. The MSNLF is for new loans while the MSELF allows companies to expand existing loans.
Unlike the SBA’s Paycheck Protection Program (PPP) these loans are not eligible to be forgiven and are subject to facility, origination and service fees. Borrowers that have taken out loans through the Paycheck Protection Program may meet eligibility requirements to also participate in the Main Street Lending Program.
For details click here and here .
For an article about the Main Street Lending Program click here.