Fed Commits to Launching the Main Street Lending Program by June 1

According to OMA Connections Partner Frantz Ward, in testimony before the Senate Banking Committee on May 19, Jerome Powell, the Chair of the Board of Governors of the Federal Reserve System, promised to have the Main Street Lending Program ready by June 1. Once launched, the program will offer up to $600 billion in loans to small and medium sized businesses struggling to recover from the COVID-19 Pandemic and resulting economic crisis.

The program will launch with some significant changes from the initial proposal made in early April and has been expanded to include three separate lending facilities from the two initially proposed, with loan amounts from $500,000 to $200 million. Read the details here. 5/20/2020