Main Street Lending Program of the Federal Reserve
Lenders may now register for the Federal Reserve’s Main Street Lender Program, the Boston Fed announced today, adding that lenders “are encouraged to begin making Main Street program loans immediately.”
The Federal Reserve today announced several adjustments to the Main Street Lending Program intended to facilitate participation by more small and midsize businesses.
The Federal Reserve Bank of Boston today released several borrower and lender documents for the Fed’s Main Street Lending Program, which is expected to launch in the coming days.
Memorial Day signified the beginning of summer in many parts of the country, and the slow but steady reopening of business activity in the wake of the coronavirus pandemic. Iowa Superintendent of Banking Jeff Plagge offers ideas for long-term solutions to get struggling businesses back on their feet after the lockdown.
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Top policymakers today said that they expect the Main Street Lending Program “to be up and running by the end of the month.”
In testimony published ahead of tomorrow’s Senate Banking Committee hearing, Federal Reserve Chairman Jerome Powell noted that “public input has been crucial” in the agency’s development of the Main Street Lending Program and that additional changes to the program may be forthcoming “as we learn more” about the needs of potential borrowers in the days ahead.
Getting the Main Street Lending Program facilities up and running is a “top priority” for the Federal Reserve, Vice Chairman for Supervision Randal Quarles said in testimony before the Senate Banking Committee today.
As part of its response to the global coronavirus pandemic, the Federal Reserve is launching a “Main Street Lending Program” to deliver up to $600 billion in credit to small and midsize firms. Learn more in this bonus podcast episode.
The Federal Reserve today expanded the scope of its Main Street Lending Program to accommodate more businesses and more loan options for participating banks.