Fed provides details on Main Street Lending Program’s year-end termination
December 1, 2020
Main Street facilities program closure is scheduled for December 31, 2020. With respect to termination of the program, the Fed recently provided guidance for lenders already participating in the program and interested lenders that have not yet registered. The new FAQs (Off-site) advise that:
- For lenders not yet registered in the program, registration should be initiated by December 4;
- Eligible loans should be submitted to the Main Street Portal for participation by December 14; and
- Main Street will cease issuing commitment letters as of December 23 under the condition of funding model.
As of November 13, 2020, the Main Street program has made loans totaling $5.2 billion, providing support to businesses from a wide range of industries. The program was established with equity provided by the Treasury Department from the CARES Act.
We encourage all eligible financial institutions to explore this program’s potential before year end to help them serve the businesses and organizations in their markets during these challenging times.
Visit www.bostonfed.org/mslp (Off-site) to find program information, including frequently asked questions, and to subscribe for e-mail updates. Inquiries about the program can be emailed to MSLP@bos.frb.org.