Main Street Loan Program Change and Update
Since the Main Street Loan Program (“MSLP”) kicked off it has booked approximately 400 loans totaling $3.7 billion. The Federal Reserve will update Congress in early November, to include all lending activity through October.
The MSLP program loans previously had a minimum of $250,000, but that has now changed to $100,000.
Further clarifications regarding the MSLP and not for profit entities and tribal entities have been published regularly during August and September and were further updated October 30, 2020.
The applications and term sheets have been updated as of October 30, 2020. If you are considering taking advantage of the MSLP options, these new term sheets and frequently asked questions should be utilized - use this link
and scroll toward the bottom of the page. The term sheets and the FAQs will be available.
The MSLP programs may provide an additional avenue for financing for businesses that have been generating profits historically, have reasonable leverage positions, and need some help during the current economic times.