The Federal Reserve announced Monday, June 8, that it will expand the terms of its $600 billion yet-to-launch Main Street Lending Program to make it accessible to more companies.
Under the new terms, the Fed will lower the minimum loan amount from $500,000 to $250,000, raise the maximum loan amount from $200 million to $300 million and extend the repayment period from four years to five years. Borrowers are not obligated to make principal payments for the first two years.