Uncategorized

Advisory: Main Street Lending Program

The Federal Reserve established the Main Street Lending Program (“Program”) to support lending to small and medium-sized businesses in response to the economic impact of the COVID-19 pandemic.  The availability of additional credit is intended to help businesses that were in sound financial condition prior to the onset of the COVID-19 pandemic maintain their operations and payroll until economic activity normalizes.  Further, the Federal Reserve designed the Program to support small and medium-sized businesses that were either unable to access the Paycheck Protection Program (“PPP”) or that require additional financial support after receiving a PPP loan. (Burns & Levinson’s most recent PPP Advisory can be found here.)  read more