Federal Reserve Opens Main Street Lending Program for Small and Midsize Businesses

The Federal Reserve has opened its Main Street Lending Program, which will lend up to $600 billion to small and midsize businesses affected by the COVID-19 pandemic, and is encouraging lenders to begin making loans immediately. The program offers five-year loans with floating rates, deferred principal payments for two years, and deferred interest payments for one year. We encourage practices potentially eligible for the program to talk with their banks about the process for applying for these loans now. For more information about the program, click here.

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