Lending & Loan Programs
We wanted to be sure all clients are aware of the following loan programs:
MAIN STREET LENDING PROGRAM
“The Federal Reserve established the Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. The Program will operate through three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF).
In addition, the Federal Reserve and U.S. Department of the Treasury are seeking comment by June 22, 2020, on two facilities designed to support lending to nonprofit organizations: the Nonprofit Organization New Loan Facility (NONLF) and the Nonprofit Organization Expanded Loan Facility (NOELF).”
NEW YORK FORWARD LOAN PROGRAM
“New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.
NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small landlords that have seen sharp reduction in rental income.”
Also, please be advised that guidance for industries designated for reopening in Phase 3 is available here: