Federal Reserve Main Street Lending Facility
The CARES Act includes funding for a Main Street lending program in which the Federal Reserve provides funding for a loan program focused on loans to small and midsized businesses. Loan availability starts at $250,000 and, at the high end, individual loans can exceed $100 million. The program is designed to help financially sound companies suffering from temporary cash flow difficulties due to the COVID-19 pandemic get through the financial hardship and emerge as healthy operating companies when the pandemic is over. This program will allow you to understand the three different Main Street programs and assist you in evaluating whether the programs are suitable for your clients. Law firms may themselves qualify for such loans, and obtaining a PPP loan is not a bar to obtaining a Main Street loan.
Jay L. Hack, Esq. – Gallet Dreyer & Berkey, LLP
- June 22, 2020
- Online On-Demand