The Federal Reserve will launch a $600 billion low-interest loan program designed to fill in the cracks in the Small Business Administration's Paycheck Protection Program.
The Main Street Lending Program is available to businesses with fewer than 10,000 employees and revenue of less than $2.5 billion a year. Loans, ranging in size from $1 million to $25 million, will be available through any FDIC-insured depository institution. The loans carry a four-year term. There are fees of 1% paid to the government,…
The Federal Reserve will launch a $600 billion low-interest loan program designed to fill in the cracks in the Small Business Administration's Paycheck Protection Program.
The Main Street Lending Program is available to businesses with fewer than 10,000 employees and revenue of less than $2.5 billion a year. Loans, ranging in size from $1 million to $25 million, will be available through any FDIC-insured depository institution. The loans carry a four-year term. There are fees of 1% paid to the government,…