On June 8, the Federal Reserve Board (the “Board”) announced that it was expanding its Main Street Lending Program to allow more small and medium-sized business to qualify for the program. Among the changes, the Board lowered the minimum loan size for certain loans from $500,000 to $250,000, increased the maximum loan size for all facilities, increased the term of each loan option from four years to five years and extended the repayment period for all loans by delaying principal payments for two years rather than one year. Release.
