Treasury Secretary Steven Mnuchin denied on Friday that he is attempting to limit President-elect Joe Biden’s options for reviving the pandemic-damaged economy by ending several emergency loan programs being run by the Federal Reserve.
Treasury Secretary Steven Mnuchin said Thursday he will not extend several emergency loan programs set up with the Federal Reserve. The decision drew a terse rebuke from the Fed.
In a move aimed at reaching more small businesses, the Federal Reserve Board has reduced the minimum loan amount for the Main Street Lending Program.
The COVID-19 pandemic has pushed lenders into an unfamiliar space as they continue to try and meet their customers’ needs for working capital as payment cycles get disrupted.
Educational institutions, hospitals, social service organizations and other nonprofits affected by the pandemic can now receive loans through the Main Street Lending Program.
The Federal Reserve Board has modified the Main Street Lending Program to give nonprofit organizations, including educational institutions, hospitals and social service organizations, access to the program. Two new loan options are now available to certain nonprofit organizations that were in sound financial condition before the pandemic.
East Cambridge Savings Bank Chief Lending Officer Tim Bombard sees opportunity in the Main Street Lending Program where many other financial institutions don’t.
This battle station is fully armed and operational…with small- and medium-sized business lending capabilities.
The Federal Reserve Bank of Boston has published a state-by-state listing of lenders participating in the Main Street Lending Program.
The Federal Reserve has finalized the last piece of the Main Street Lending Program, making it now fully operational.
East Cambridge Savings Bank is among the first Massachusetts-based community banks to announce plans to participate in the Main Street Lending Program.
More than two months after the CARES Act authorized a lending program for small and mid-sized businesses affected by the coronavirus pandemic, the Federal Reserve’s Main Street Lending Program has launched a lender portal.
The Federal Reserve is expanding the range of companies that will qualify for its soon-to-begin Main Street Lending Program, in which the Fed will lend directly to individual companies for the first time since the Great Depression.
The Federal Reserve Bank of Boston has released instructions and documents lenders will use in the Main Street Lending Program, but the program’s launch date still has not been announced.
The Federal Reserve Board continues to focus on small- to medium-sized businesses as part of its ongoing efforts to maintain the U.S. economy in the wake of the COVID-19 global pandemic.
The president of a regional Federal Reserve bank that will oversee a groundbreaking business lending program said Wednesday that he thinks a slower-than-expected recovery from the economic downturn would lead companies to seek critical support from the program.
While lenders have been focusing on the Paycheck Protection Program for small businesses, the Federal Reserve Board has revamped another loan program intended to help businesses affected by the coronavirus pandemic.
