September 4, 2020
By Dmitriy Berkovich, CPA | COVID-19 Response Team
From The Federal Reserve Announcement Today:
The Federal Reserve Bank of Boston on Friday announced that the Main Street Lending Program is now fully operational and is accepting submissions of eligible loans to nonprofit organizations, submitted by registered lenders.
The Federal Reserve encourages registered lenders to begin submitting qualifying loans to nonprofit organizations and to continue submitting loans to for-profit entities. The Main Street Lending Program is designed to help credit flow to small- and medium-sized for-profit businesses and nonprofit organizations that were in sound financial condition prior to the pandemic. Both the nonprofit organization New Loan Facility and Expanded Loan Facility (“NONLF” and “NOELF”, respectively) are now fully operational, and the Main Street Special Purpose Vehicle is ready to purchase participation in eligible loans made to nonprofit organizations that are submitted through the Lender Portal by eligible lenders.
Our COVID-19 Response Team can help answer questions on the Main Street Lending Program, with MSLP lead Dmitriy Berkovich.
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