The Federal Reserve Bank of Boston announced July 6 that the Main Street Lending Program has opened and soon will publish a list of lenders accepting new business customers on a state-by-state basis.
The Main Street Lending Program was created by the federal CARES Act to help provide credit to small and medium-sized businesses affected by the COVID-19 pandemic. Businesses with up to 15,000 employees or up to $5 billion in revenue are eligible with a minimum loan size of $500,000. View more information.
Also on July 6, the Small Business Administration and the Treasury Department released detailed data regarding the Paycheck Protection Program, including business names, addresses, demographic data, loan amounts and more for all loans above $150,000. For all loans less than $150,000, SBA is releasing all information except business name and address. View data released.
The PPP was scheduled to sunset June 30 but was extended by Congress and the president for an additional five weeks through Aug. 8. There is roughly $130 billion still left in the program. For more information and to obtain an application, visit the COVID-19 resources section of NRCA’s website; the Assistance For Small Businesses section of the Treasury Department’s website; or contact your lender.
