Fed expands Main Street Lending Program eligibility, scope

The Federal Reserve Board today expanded eligibility for the Main Street Lending Program to businesses with up to 15,000 employees or $5 billion in annual revenue.

The program previously was limited to companies with up to 10,000 employees and $2.5 billion in revenue. The board also reduced the minimum loan size for two of the program’s loan options to $500,000 from $1 million. 

Although nonprofit organizations are not currently eligible for the program, the board said it “recognizes the critical role that nonprofit organizations play throughout the economy and is evaluating a separate approach to meet their unique needs.” AHA continues to urge Fed and Treasury officials to establish prompt guidance to ensure that nonprofit hospitals can access the loan facility.

For the latest on the program, created by the Coronavirus Aid, Relief, and Economic Security Act, see today’s FAQ.