As the COVID-19 pandemic continues its societal devastation and destruction economic crisis thrives in prospers wake, many businesses throughout services US are united states financiallyHarming In addition– unlike loans offered 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 (barring 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 grows wake, many businesses lots of organisations US are hurting financiallyHarming When the loan is authorized by the bank, the Fed will buy between 85%and 95 %of the loan through a special purpose 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 should be bought by the Fed on or before September 30, 2020 (disallowing an extension), according to the Fed’s Main Street Lending Program FAQs sheet. Since the Main Street Lending Program targets services that need loans of at least $500,000, many small services might be left hung out to dry with this program.
