Fed expands Main Street Lending Program eligibility, scope

Apr 30, 2020 - 04:09 PM
COVID19 Web Sized

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.

Related News Articles

Headline
FDA seeks feedback on measuring AI-enabled medical device performance
The Food and Drug Administration today issued a request for public comment on a series of questions regarding current approaches to evaluating artificial…
Headline
Olympus recalls endoscope needles
The Food and Drug Administration yesterday announced that Olympus issued a global recall of its ViziShot 2 FLEX needles manufactured prior to May 12 following…
Headline
ACIP recommends patients consult their provider for COVID-19 vaccine
The Advisory Committee on Immunization Practices Sept. 19 recommended that patients should consult their health care provider if they want to receive a COVID-…
Headline
HHS announces efforts to improve long COVID care 
The Department of Health and Human Services Sept. 18 announced it will take new actions to help improve care for individuals with long COVID. They include a…
Headline
FDA issues serious recall for electric wheelchair joysticks
The Food and Drug Administration has identified a Class I recall for Mo-Vis BVBA R-net Joysticks due to a firmware error that causes the wheelchair to ignore…
Headline
CDC releases 2025-26 respiratory disease season outlook
The Centers for Disease Control and Prevention is predicting a similar combined number of peak hospitalizations from COVID-19, the flu and respiratory…