Larger companies and companies with more debt are now being brought into the fold of businesses eligible for the Main Street Lending program. Larger companies were dinged socially for taking some of the PPP funding (which can be “forgivable” loans) – while this Main Street Lending program is not forgivable. Here’s what we know:
- This program will now be open to companies with up to 15,000 employees, or up to $5 billion in annual revenue.
- The program will also welcome smaller companies.
- Minimum loan size will double to $1 million.
- It’s still not up and running and it’s not clear when the Main Street lending program will launch.
We will keep you updated if additional information becomes available. Contact us if you have any questions.