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Main Street Lending Program expiration extended

By Madison Parry

An extension has been given to Main Street Lending Program facilities, meant to help facilitate lending for small and medium-sized businesses. The termination date was pushed back to allow the Federal Reserve more time to review previously submitted fund loans.

The Main Street Lending Program – utilized by small and medium-sized businesses in the U.S. – has granted an extension on its expiration date.

The termination date on its facilities was pushed back, a decision made by the Board of Governors of the Federal Reserve System earlier this week.

Pushed back to a new termination date of Jan. 6, 2021, the extension will allow the Federal Reserve more time to review fund loans submitted to the Main Street lender portal earlier this month.

“Consistent with the Consolidated Appropriations Act @federalreserve extends termination date of Main Street Lending Program facilities to Jan. 8, 2021 to allow more time to process & fund loans submitted to Main Street lender portal on/before Dec. 14, 2020,” the Federal Reserve wrote in a tweet.

The lending program first announced in April is meant to help facilitate lending to small- and medium-sized U.S. businesses amid the coronavirus pandemic.