The Federal Reserve has announced that it is establishing a Main Street Lending Program to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic.
The program will operate through three facilities: the Main Street New Loan Facility, the Main Street Priority Loan Facility, and the Main Street Expanded Loan Facility. See the Federal Reserve’s webpage for term sheets for each facility and FAQs providing more information regarding eligibility and conditions. The Federal Reserve and the Treasury Department continue to evaluate the feasibility of including nonprofits as eligible organizations.
In an April 12 letter, the AHA urged the Federal Reserve and Treasury Department “to ensure that access to this critically-necessary loan facility will be attainable for [nonprofit] hospitals without delay.”