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June 1, 2020

Fed Inching Closer To Launching Main Street Lending Program

The Federal Reserve still has yet to launch its Main Street Lending Program (MSLP), but this week, Boston Feb President Eric Rosengren said he expects companies to begin receiving money through the program within two weeks.

The Fed also finally released the legal forms and agreements for eligible borrowers and lenders to participate in the MSLP, and it has published instructions for completing the required loan documents, along with an updated FAQ overview of the program. The public can access all the new documents and information here. The Boston Fed also conducted a webinar for borrowers last week, a replay of which is available here. A slide deck from the webinar is here.

While businesses wait for more information from the Fed, they also should click here to use the U.S. Chamber of Commerce’s tool to check eligibility, calculate borrowing parameters (loans start at $500,000), and learn how to apply.

Potential borrowers interested in the MSLP can sign up for email updates at www.bostonfed.org/mslp