Main Street Lending Program
The Federal Reserve created the Main Street Lending Program to assist small and medium-sized businesses that were in sound financial health prior to the pandemic. This program consists of three different "facilities" that share many similar loan terms but have different uses and minimum borrowing thresholds. The minimum loan amount across all three facilities is $250,000, and all the loan facilities have a 5 year term with deferred interest payments for a year, and deferred principal payments for two years.
Potential borrowers must work with a participating lender, and may find the list of those participating on the Federal Reserve website. The last day to participate in this program is December 31st.
To read more about the program, the differences in the three facilities, and to find an eligible lender, please follow this link.