The Auto Care Association issued an alert for members announcing that the Federal Reserve announced an expansion of its Main Street Lending program, which sought to provide larger loans to businesses with 10,000 or fewer employees.
According to information provided by the association, there are now three categories of Main Street Lending program loans: New Loans, Priority Loans and Expanded Loans. The program now offers loans with lower minimum loan amounts (lowered from $1 million to $500,000) as well as a loan option for larger lenders with up to 15,000 employees or up to $5 billion in revenue. An outline of these loan programs is provided below.
The Auto Care Association hopes that this information is helpful to your business. If you have any further questions about this program or any other federal COVID-19 relief, contact Gabrielle Hopkins, VP, federal affairs, at [email protected].