Marshall Applauds Start of Main Street Lending Program
WASHINGTON - The Federal Reserve Bank of Boston on Monday announced that the Main Street Lending Program was now fully operational and prepared to provide credit for small and mid-sized businesses impacted by COVID-19.
“The Main Street Lending Program was authorized by the CARES Act to provide our business owners with capital to retain employees, continue operations and weather the impacts of the pandemic,” said U.S. Congressman Roger Marshall, M.D. “We want to get Americans back to work, keep our Main Streets open and continue to rebuild our economy. This is just another example of President Trump and this administration supporting our business owners and ensuring the return of our great economy.”
The Federal Reserve will work with approved lenders to purchase loans to struggling businesses that were in sound financial status prior to the pandemic. Congress approved $75 billion for the program, with the intention of helping businesses with fewer than 15,000 in need of additional liquidity to maintain operations and payroll continuity.
The Main Street Lending Program follows the Paycheck Protection Program, which has provided more than $5 billion for small businesses across Kansas and is responsible for the retention of more than 400,000 jobs at Kansas small businesses.
To learn more about the Main Street Lending Program, visit our Coronavirus Resource Page at: Marshall.House.Gov.