On March 27th, the CARES Act was signed into law, offering a variety of programs to help both individuals and businesses impacted by the COVID-19 virus. Among the many programs in the Act are new and updated loans from the Small Business Administration (SBA) designed to help businesses with fewer than 500 employees get financial relief.
Types of Assistance
A more detailed discussion of the Paycheck Protection Program (PPP) can be found here.
The Federal Reserve announced the Main Street Lending Program in April The program offers three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF).
Current information about the Main Street Lending Program can be found on the Federal Reserve’s website: https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm