As the COVID-19 pandemic continues its societal devastation social an economic crisis thrives in prospers wake, many businesses lots of services US are united states financiallyHarming In addition– unlike loans given out under the PPP– Main Street loans aren’t forgivable. An end date is targeted, however, as loans need to be acquired by the Fed on or before September 30, 2020 (disallowing an extension), according to the Fed’s Main Street Lending Program FAQs sheet.
As the COVID-19 pandemic continues its societal devastation social an economic crisis financial in flourishes wake, many businesses numerous the US are united states financiallyInjuring Once the loan is approved by the bank, the Fed will buy between 85%and 95 %of the loan through an unique function lorry(SPV )set up by the Federal Reserve Bank of Boston. Furthermore– unlike loans offered out under the PPP– Main Street loans aren’t forgivable. An end date is targeted, however, as loans must be acquired by the Fed on or before September 30, 2020 (disallowing an extension), according to the Fed’s Main Street Lending Program FAQs sheet. Because the Main Street Lending Program targets organisations that need loans of at least $500,000, lots of small organisations might be left hung out to dry with this program.
