Changes will make the program accessible to more American businesses and help lenders administer the program
WASHINGTON, D.C.- U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness (CCMC) Executive Vice President Tom Quaadman released the following statement today after the Federal Reserve released changes to the Main Street Lending Program, which include lowering the minimum loan size to $500,000 from $1 million, and expanding the pool of eligible borrowers to businesses with 15,000 employees (up from 10,000) or up to $5 billion in revenue (up from $2.5 billion).
“We are pleased with the changes the Federal Reserve made to the Main Street Lending Program today, many of which the Chamber advocated for. The changes will make the program accessible to more American businesses, and will help eligible lenders administer the program more effectively. We applaud the Federal Reserve and Treasury Department for their leadership during the COVID-19 pandemic. We look forward to helping ensure the Main Street Lending Program reaches its full potential to help more businesses weather the storm.”