On Thursday, April 9, the Federal Reserve introduced the Main Street Lending Program that will permit small and medium-sized businesses to obtain bridge financing through eligible lenders. This is the latest in a series of relief programs to address the economic challenges of the COVID-19 pandemic, and businesses that have applied and/or qualified for the Paycheck Protection Program may also take out a loan under this program. There are restrictions on the use of the loan proceeds, and the borrower must make required attestations. Based on initial information from the Federal Reserve, this program offers loans under the following criteria:
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