Main Street Lending Program
Becomes Operational June 15, 2020
On June 15, 2020, through the Federal Reserve Bank in Boston, the Main Street Lending Program commenced.
Borrowers under the Program must meet certain eligibility requirements to qualify under the Program:
- The borrower must be a business established before March 13, 2020.
- The borrower must be a business eligible to receive loans from the Small Business Administration.
- The borrower must be a business that has 15,000 or fewer employees, or has had revenues of $5 billion or less.
- The borrower must be a business created or organized in the United States of America or under the laws of the United States of America with significant operations and the majority of employees based in the United States of America.
- The borrower does not participate in the Federal Reserve’s Primary Market Corporate Credit Facility.
- The borrower must be a business that has not received specific support pursuant to the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020.
The Federal Reserve will operate three separate mutually exclusive lending programs under the Program:
- The Main Street New Loan Facility (NLF)
- The Main Street Priority Loan Facility (PLF)
- The Main Street Expanded Loan Facility (ELF)