May 11, 2020

U.S. Businesses Still Waiting For Fed To Launch Major Loan Program

As Connecting the Dots readers are aware, the Federal Reserve Bank and the U.S. Department of the Treasury are working to establish a program that will provide low-interest loans to businesses with fewer than 15,000 employees. Called the Main Street Lending Program (MSLP), the program will be able to provide a total of $600 billion in financing to these companies.

While MSLP is not yet up and running, the Fed has issued term sheets for the New Loan, Expanded Loan, and Priority Loan facilities, as well as a comprehensive FAQ document explaining the MSLP. More information, including the official program launch date and application procedures, will be available on the Fed’s Main Street page as it becomes available.

While businesses wait for the MSLP’s launch, they should review the U.S. Chamber of Commerce’s guide to the MSLP, which outlines eligibility and provides information on what data companies should assemble in order to apply.