The Federal Reserve has announced new details on the Main Street Lending Program, including lowering the minimum loan size to $500,000 to enable more small businesses to benefit from the program. Also, the program’s expanded eligibility includes companies with up to 15,000 employees or $5 billion in annual revenues.
Here is an overview of the program from the National Association of Manufacturers.
The Main Street Lending Program is separate from the Paycheck Protection Program, which is primarily designed for companies with fewer than 500 employees. Companies may qualify for both programs. 4/30/2020