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In early April, the Federal Reserve announced proposed terms for the Main Street Loan Program. The program is designed to provide small and medium-sized businesses that were in sound financial condition prior to the outbreak of the COVID-19 pandemic access to reasonably priced credit in light of market disruptions caused by the pandemic.
On April 30, 2020, the Federal Reserve Board (the Board) announced it is expanding the scope and eligibility for the Main Street Lending Program (the Program). When the initial terms of the Program were announced, the Board indicated that it was seeking feedback from the public on potential refinements. The Board received more than 2,200 letters from individuals, businesses and nonprofits.
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