Federal Reserve Opens Up Main Street Lending Program
2020-07-10
This week the Federal Reserve opened up lending via banks for the Main Street Lending Program (MSLP). MSLP is a loan program for businesses affected by the economic recession caused by COVID-19. Unlike the Paycheck Protection Program, MSLP is not a forgivable loan, but is open to medium sized businesses. Under the program the Federal Reserve backs up 95% of the loan amount to small or medium sized businesses to ensure credit is extended to businesses in need.