Find Your Specialist


Contact Us

    Go Back

    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.

    Related Articles

    Privacy Overview

    When you use or access the Site, we use cookies, device identifiers, and similar technologies such as pixels, web beacons, and local storage to collect information about how you use the Site. We process the information collected through such technologies, which may include Personal Information, to help operate certain features of the Site (e.g., to prevent online poll participants from voting more than once), to enhance your experience through personalization, and to help us better understand the features of the Site that you and other users are most interested in.

    You can enable or disable our use of cookies per category.
    Always Enabled