The “Main Street Lending Program” for Small and Mid-Size Businesses

Written by Jacqueline A. Brooks and Richard D. Leigh from League Business Leader, Saul Ewing Arnstein & Lehr, LLC

The Federal Reserve Board (“FRB”) announced on April 30, 2020 an expanded and updated Main Street Lending Program (the “Lending Program”) as part of its efforts to support the economy by providing credit to small and mid-size businesses that were in sound financial condition prior to the onset of the COVID-19 pandemic. The Lending Program, authorized under Section 13(3) of the Federal Reserve Act, now consists of three loan facilities.