Risks to the economic outlook have been rising recently because an array of benefits meant to blunt the economic downturn are scheduled to expire on Dec. 31. Those risks increased on Thursday when the Treasury Department told the Federal Reserve that it would not extend nine of the 13 liquidity and lending programs aimed at easing the effects of the ... READ MORE >
Main Street Lending Program
Federal Reserve eases Main Street Lending Program terms to encourage participation
The Federal Reserve on Friday announced changes to the Main Street Lending Program intended to make financing more readily available to small and medium-size businesses struggling amid a resurgence of coronavirus cases. The changes come as negotiations over another round of fiscal aid drag on in Congress and as businesses face the prospect of ... READ MORE >
Small and medium size firms in crisis: A message from the real economy
The condition of small and medium-size firms implies a potential inflection point in the nascent economic rebound following the near shutdown of the economy last spring. Without further reform and support of the signature Paycheck Protection Program (PPP)—which provided a vital lifeline to those firms during the worst of the pandemic—there will be an ... READ MORE >
Fintechs helped with the Paycheck Protection Program. Why not the Main Street Lending Program?
What makes a great partnership? There are a number of examples of great partnerships that have worked toward a common goal. In the sports world, think of Michael Jordan and Scottie Pippen or Joe Montana and Jerry Rice. In business, there is the recent success between Apple and Goldman Sachs in launching the Apple Card. As small and medium-size ... READ MORE >
RSM’s exclusive MMBI survey reveals how the Main Street Lending Program can be improved
Growing uncertainty surrounding another round of fiscal aid in Washington has reignited concerns about the Main Street Lending Program and whether it can help small and midsize organizations find bridge financing as the COVID-19 crisis continues. The program remains woefully undersubscribed. Through August 19, banks participating in the MSLP have ... READ MORE >
Without adjustments, Main Street Lending Program is unlikely to be mainstream
Unlike the strong demand for the Paycheck Protection Program, which saw $350 billion in aid snatched up in the 13 days following its debut, interest in the Main Street Lending Program has been more muted; less than $100 million in aid was requested in the program’s first month, according to data from the Federal Reserve. But that may change, possibly even ... READ MORE >
RSM’s Joe Brusuelas decodes the Fed’s new Main Street Lending Program
The Federal Reserve launched its $600 billion Main Street Lending Program on Monday to provide bridge financing to midsize firms that have been hurt by the COVID-19 pandemic. In our estimation, the program over time will turn into an extraordinary opportunity for middle-market firms that seek to finance restructuring, innovation ... READ MORE >
Federal Reserve expands scope of Main Street Lending Program
(This article was updated on Oct. 30 to reflect new terms in the Main Street Lending Program.) With the Main Street Lending Program likely to be launched in the coming days, the Federal Reserve has once again announced updates that expand the scope of the program. The adjustments include lengthening the term of the loans, easing the repayment rules and ... READ MORE >
Main Street Lending Program details released; program expected to start soon
The Federal Reserve took an important step toward the launch of the long-awaited Main Street Lending Program (MSLP) on Wednesday with the release of details about how the program will work. Based on these new details, which were released by the Boston Federal Reserve, and recent comments from Eric Rosengren, its president, we believe the launch of the ... READ MORE >
More details about the Main Street Lending Program
On April 30, the Federal Reserve released additional guidance on the expanding scope and eligibility for Main Street Lending Program. Much to the credit of firms that submitted comments to the Federal Reserve, the Main Street Lending Program is now eligible for those firms with $5 billion in annual revenue and up to 15,000 employees, an increase from ... READ MORE >