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COVID-19 Relief for Larger Businesses Announced by the Federal Reserve

On April 9th, the Federal Reserve announced the Main Street Lending Program, which is designed “to enhance support for small and mid-sized businesses that were in good financial standing before the crisis.”

The program expands on the Paycheck Protection Program with loans available for larger businesses, although businesses that have applied for the PPP may also participate in the Main Street Lending Program. Unlike the PPP, these loans are not eligible for forgiveness.

The Main Street Lending Program offers 4-year loans to companies employing up to 10,000 workers or with revenues of less than $2.5 billion. Principal and interest payments will be deferred for one year and businesses who receive these loans must commit to making reasonable efforts to maintain payroll and retain workers. Borrowers must also follow compensation, stock repurchase, and dividend restrictions that apply to direct loan programs under the CARES Act.

The program includes two options: The Main Street New Loan Facility and the Main Street Expanded Loan Facility. Each has a minimum loan of $1 million and loans would be administered through banks.

More details about the loan programs are available on the Federal Reserve website:

Your Frazier & Deeter CARES Act Program team is monitoring this situation and will provide updates as the Main Street programs evolve.

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