Fed expands Main Street Lending Program eligibility, scope

Apr 30, 2020 - 04:09 PM
COVID19 Web Sized

The Federal Reserve Board today expanded eligibility for the Main Street Lending Program to businesses with up to 15,000 employees or $5 billion in annual revenue.

The program previously was limited to companies with up to 10,000 employees and $2.5 billion in revenue. The board also reduced the minimum loan size for two of the program’s loan options to $500,000 from $1 million. 

Although nonprofit organizations are not currently eligible for the program, the board said it “recognizes the critical role that nonprofit organizations play throughout the economy and is evaluating a separate approach to meet their unique needs.” AHA continues to urge Fed and Treasury officials to establish prompt guidance to ensure that nonprofit hospitals can access the loan facility.

For the latest on the program, created by the Coronavirus Aid, Relief, and Economic Security Act, see today’s FAQ.

Related News Articles

Blog
RAND 5.0 – The Health Policy Equivalent of Groundhog Day
The RAND Corporation recently released the fifth iteration of its biannual hospital price report. The AHA has previously highlighted significant flaws with…
Headline
CDC encourages older adults to get additional COVID-19 vaccine dose 
Adults age 65 and older are encouraged to receive an updated dosage of the COVID-19 vaccine, the Centers for Disease Control and Prevention announced April 25…
Headline
NASEM releases evidence review on COVID-19 vaccine safety
The Pfizer and Moderna COVID-19 vaccines can cause myocarditis, but do not appear to cause infertility, Guillain-Barré syndrome, Bell’s palsy, thrombosis with…
Headline
FDA approves combo test for flu, COVID-19; alerts providers to medical device risks 
The Food and Drug Administration recently granted emergency use authorization for the first over-the-counter home antigen test to detect both flu and COVID-19…
Headline
CDC recommends additional dose of updated COVID-19 vaccine for older adults
Centers for Disease Control and Prevention Director Mandy Cohen, M.D., Feb. 28 endorsed a recommendation by its Advisory Committee on Immunization Practices…
Headline
FDA: Paxlovid no longer labeled for emergency use after March 8
Paxlovid may no longer be distributed with an emergency use label after March 8, the Food and Drug Administration announced. Providers may dispense unexpired…