Main Street Lending Program – Expanded Assistance To Nonprofit Organizations

The Main Street Lending Program (MSLP) was established by the Treasury Department with $75 billion from the CARES Act to enhance access to credit for small and medium-sized businesses during the COVID-19 pandemic which were in sound financial condition prior to the pandemic. On June 15, 2020, the Federal Reserve proposed to expand the MSLP to small and medium-sized nonprofits and released draft guidelines and eligibility requirements. On July 17, the Federal Reserve revised those guidelines and requirements to make two MSLP loan programs more available to a wider range of nonprofits.

The two loan programs are for new loans taken out by nonprofits after June 15, 2020 (the Nonprofit Organization New Loan Facility), and for expanded borrowing by nonprofits under a prior loan made before June 15, 2020 that has a remaining maturity of at least 18 months (the Nonprofit Organization Expanded Loan Facility). Minimum loan size for the NONLF is $250,000 and $10 million for