The Federal Reserve Board Friday updated its FAQs on the Main Street Lending Program to clarify its expectations for nonprofit and other facilities regarding lender underwriting. 

The revised FAQs emphasize that lender underwriting should look back to the borrower’s pre-pandemic condition and forward to their post-pandemic prospects, and clarify supervisory expectations for lenders originating Main Street loans. 

The board said the changes provide guidance on completing and submitting Main Street legal documents and entering data into the portal for multi-borrower loans; and clarify the application of the direct loan restrictions on loans between Main Street borrowers and their owners, employees and officers. The FAQs also include details regarding co-borrower loans.

Related News Articles

Headline
The Food and Drug Administration recently granted emergency use authorization for the first over-the-counter home antigen test to detect both flu and COVID-19…
Headline
Centers for Disease Control and Prevention Director Mandy Cohen, M.D., Feb. 28 endorsed a recommendation by its Advisory Committee on Immunization Practices…
Headline
Paxlovid may no longer be distributed with an emergency use label after March 8, the Food and Drug Administration announced. Providers may dispense unexpired…
Headline
A CDC study  released Dec. 21 found low COVID-19 and flu vaccination coverage for most adults, and low RSV vaccination coverage for adults aged 60 and…
Headline
The Home Test to Treat program now offers free testing, telehealth and treatment for both COVID-19 and flu to eligible adults nationwide, the National…
Blog
A recent Modern Healthcare article misleadingly suggests that hospitals and health systems provided less charity care between 2020 and 2023. The truth is much…