Client Alert: Main Street Lending Program Expansion to Include Nonprofits
On Friday, July 17, 2020, the Federal Reserve Board announced the launch of two loan options under its previously launched “Main Street Lending Program” that are aimed at providing greater access to credit for nonprofit organizations, such as educational institutions, hospitals, and social service organizations. As described in detail in our previous alerts (available here and here), the Program is designed to provide up to $600 billion in loans to small- and medium-sized entities in order to ease the economic distress caused by the COVID-19 pandemic. The nonprofit program is not yet operational, but the Federal Reserve has indicated that it would like to roll out the program quickly and plans to leverage the existing Main Street network of lenders to speed up the process. The program will be available until September 30, 2020, unless it is extended by the Federal Reserve and the Treasury Department. According to Federal Reserve Chair Jerome H. Powell, the Federal Reserve has “listened carefully and adapted” the Program to the needs of nonprofits, which “provide vital services across the country and employ millions of Americans.” Federal Reserve Board modifies Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations, July 17, 2020.
To read the full alert, please click here.
© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.
On Friday, July 17, 2020, the Federal Reserve Board announced the launch of two loan options under its previously launched “Main Street Lending Program” that are aimed at providing greater access to credit for nonprofit organizations, such as educational institutions, hospitals, and social service organizations. As described in detail in our previous alerts (available here and here), the Program is designed to provide up to $600 billion in loans to small- and medium-sized entities in order to ease the economic distress caused by the COVID-19 pandemic. The nonprofit program is not yet operational, but the Federal Reserve has indicated that it would like to roll out the program quickly and plans to leverage the existing Main Street network of lenders to speed up the process. The program will be available until September 30, 2020, unless it is extended by the Federal Reserve and the Treasury Department. According to Federal Reserve Chair Jerome H. Powell, the Federal Reserve has “listened carefully and adapted” the Program to the needs of nonprofits, which “provide vital services across the country and employ millions of Americans.” Federal Reserve Board modifies Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations, July 17, 2020.
To read the full alert, please click here.
© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.
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