As the COVID-19 pandemic continues its societal devastation social an economic crisis financial in flourishes wake, many businesses lots of companies US are hurting financially. In addition– unlike loans given out under the PPP– Main Street loans aren’t forgivable. An end date is targeted, nevertheless, 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 and an economic crisis financial in flourishes wake, many businesses numerous services US are hurting financiallyInjuring Once the loan is approved by the bank, the Fed will buy between 85%and 95 %of the loan through an unique purpose lorry(SPV )set up by the Federal Reserve Bank of Boston. Additionally– unlike loans offered out under the PPP– Main Street loans aren’t forgivable. An end date is targeted, nevertheless, as loans need to be purchased by the Fed on or before September 30, 2020 (disallowing an extension), according to the Fed’s Main Street Lending Program FAQs sheet. Due To The Fact That the Main Street Lending Program targets businesses that require loans of at least $500,000, numerous little services may be left hung out to dry with this program.
