Main Street Lending Program Fed Chair Jerome Powell discusses the economy at Princeton University

Small and medium businesses are the backbone of the American economy. Large corporations employ a lot of people but it is smaller businesses that employ people in our hometowns and communities. Because of this crisis they have closed their doors and don't have access to cash flow.

Capital keeps their doors open and allows them to restart their operations. That is important if we plan on putting people back to work and powering up our economy. The timing is good as the virus wanes and it is hoped we can salvage many of these businesses and jobs.

What:

The Federal Reserve has announced that it is establishing a Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic.

How:

The Program will operate through three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF).

Criteria:

(1) the business has 15,000 employees or fewer; or

(2) the business had 2019 revenues of $5 billion or less.

More Info:
Frequently Asked Questions (FAQs) (PDF)

https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm