As our communities slowly recover from the coronavirus lockdowns, many small businesses that were flourishing before the pandemic will remain shuttered. While programs such as the Paycheck Protection Program (see my colleague Patrice Onwuka’s blog on the subject here) have helped some small businesses, others continue to struggle. 

To support these businesses and economic regrowth, 

The Federal Reserve has announced that it is establishing a Main Street Lending Program to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. 

Eligible businesses include those with 15,000 employees or fewer or those with 2019 revenues of $5 billion or less. 

This program is still in its infancy so the Federal Reserve is currently working to create the infrastructure for the program’s operation.  

Once the program is operational, applications may be found at the Federal Reserve’s website, along with further details on the program. 

Economic support that is targeted, temporary, and flexible is the path to recovery. Programs such as this will help to bolster and restart the American economy, helping countless communities get back on their feet.