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Main Street Lending Program
Designed to help small and medium-sized businesses that were in good financial standing before the COVID-19 crisis maintain their operations and payroll until conditions normalize. These are the three Main Street loan programs established by the Federal Reserve to mitigate the adverse economic effects of the COVID-19 pandemic.
Main Street New Loan Facility (New Loan Facility)
Main Street Priority Loan Facility (Priority Loan Facility)
Main Street Expanded Loan Facility (Expanded Loan Facility)
Main Street Lending Program: Comparison of Loan Facilities
Loan type |
New Loan Facility |
Priority Loan Facility |
Expanded Loan Facility |
---|---|---|---|
Minimum loan | $250,000 |
$250,000 |
$10 million |
Maximum loan |
Lesser of: a) $35 million; or b) an amount that, when added to outstanding and unused available debt, does not exceed 4x adjusted 2019 EBITDA |
Lesser of: a) $35 million; or b) an amount that, when added to outstanding and unused available debt, does not exceed 6x adjusted 2019 EBITDA |
Least of: a) $300 million; b) 35% of existing outstanding and unused available debt; or c) an amount that, when added to outstanding and unused available debt, does not exceed 6x adjusted 2019 EBITDA |
Debt forgiveness | None | None | None |
Interest rate |
LIBOR + 3% |
LIBOR + 3% |
LIBOR + 3% |
Term | 5 years | 5 years |
5 years |
Repayment | Year 1: Principal and interest deferred Year 2: Principal deferred Years 3-4: 15% each year Year 5: 70% |
Year 1: Principal and interest deferred Year 2: Principal deferred Years 3-4: 15% each year Year 5: 70% |
Year 1: Principal and interest deferred Year 2: Principal deferred Years 3-4: 15% each year Year 5: 70% |
Prepayment | Permitted without penalty | Permitted without penalty | Permitted without penalty |
Federal Reserve resources
Last Updated: 7/30/2020

Small business
COVID-19 resource center
COVID-19 resource center
Access the information small businesses need in uncertain times