Main Street Lending Program “Fully Operational”
Today, the Federal Reserve (the Fed) announced that the Main Street Lending Program (MSLP) is now fully operational. The Fed confirmed that the MSLP special purpose vehicle is ready to purchase 95% participations in eligible loans that are submitted to the program by registered lenders.
The Fed encouraged lenders to begin submitting qualifying MSLP loans. The Fed also announced its intention to publish a state-by-state listing of lenders accepting new business customers under the MSLP and electing to be listed.
The MSLP offers eligible borrowers five-year loans to facilitate credit flow to small- and medium-sized businesses that were in sound financial condition prior to the COVID-19 pandemic. To view prior Miller Johnson webinars and client alerts relating to the MSLP, please visit our COVID-19 resource center.