Today, the Federal Reserve opened lender registration for the Main Street Lending Program (MSLP), signaling the program will soon be operational. The MSLP will support small and mid-sized businesses, and their employees, that were in good financial standing before the public health crisis by ensuring credit flows to businesses in need. Keeping these Main Street businesses solvent will help ensure a strong and widespread economic recovery as communities across the country work to reopen.
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Financial institutions interested in participating in the program can review the program term sheets, frequently asked questions, and register their institution using the lender portal. The Federal Reserve Bank of Boston has provided a program overview for prospective borrowers and lenders, as well as additional details on the recently expanded program.
Visit Financial Services Committee Republicans’ website for additional resources and updates on efforts to mitigate the economic impact of coronavirus on consumers.