Fed updates FAQs for Main Street Lending Program

Sep 21, 2020 - 04:45 PM
Federal Reserve

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
FDA to limit COVID-19 vaccine to people over 65, others at high risk for serious illness
Leaders of the Food and Drug Administration May 20 announced new guidelines for administering the COVID-19 vaccine in a paper published by the New England…
Headline
Study finds driving with COVID-19 raises crash risk by 25%
A study published April 8 by the Public Library of Science’s Journal of Global Public Health found that driving while infected with COVID-19 raises the risk of…
Headline
Senate Finance Committee advances RFK Jr. nomination for HHS secretary
The Senate Finance Committee Feb. 4 voted 14-13 to advance Robert F. Kennedy Jr.’s nomination for secretary of the Department of Health and Human Services. A…
Headline
White House pauses federal grants, other programs implicated by executive orders; OMB says Medicare and Medicaid not affected by pause
The White House Office of Management and Budget late Jan. 27 issued a memo directing federal agencies to temporarily pause federal grants, loans and other…
Headline
CDC: Flu activity remains high, COVID-19 increasing while RSV peaks 
Respiratory illness activity remains high across the country, according to the latest data from the Centers for Disease Control and Prevention. Seasonal flu…
Headline
OSHA ends efforts to establish COVID-19 safety standard 
The Occupational Safety and Health Administration Jan. 13 announced that it terminated efforts to establish a final COVID-19 safety standard to protect workers…