Article written by:
Jennifer Zimmerman, CPA
Senior Manager, Tax & Business Advisory Services
The Main Street Lending Program (MSLP) is now fully operational, per a press release from the Federal Reserve Board of Boston on July 6, 2020. The Program offers five-year loans to assist for-profit companies that were in sound financial condition prior to the pandemic by way of three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF). Details of all legal forms and agreements for eligible borrowers to participate can be found here with a brief example illustrated here.
Interested borrowers can find an interactive map that identifies all currently registered lenders taking on new MSLP customers here, in the event their current lender is not participating. The Federal Reserve Bank of Boston’s website also highlights that this map will be updated regularly for new lenders that have completed the registration process.
Additionally, on Friday, July 17, 2020, the Federal Reserve Board has approved two additional options through the MSLP under the Nonprofit Organization New Loan Facility (NONLF) and the Nonprofit Organization Expanded Loan Facility (NOELF) for nonprofit organizations. These facilities are not yet operational and more details will be made available when the program is live.
As the MSLP continues to evolve, GBQ is ready to assist with understanding your options.
