Main Street Lending Program Modified for Nonprofits

The Federal Reserve Board modified the Main Street Lending Program to expand access to credit for nonprofits, approving two new loan options for tax-exempt 501(c)(3) or 501(c)(19) organizations. Of note, the employee count eligibility threshold has been reduced from 50 to 10 and there is a reduction in the 2019 total operating margin from 5% to 2%. Read the full Federal Reserve Press Release for complete details.