COVID-19 Tenant Resources


The Federal Reserve will expand loan offerings and qualification rules for its forthcoming $600 billion lending effort designed to reach small and mid-size businesses hit by the coronavirus pandemic, the central bank said Thursday.

The Main Street Lending Program, unveiled earlier this month, will now allow larger businesses to participate, and it will relax minimum-loan amounts to help more small businesses.

Under the program, businesses can solicit loans of up to four years from banks at below-market rates. Unlike loans under the Small Business Administration’s Paycheck Protection Program, these must be repaid, but payments can be deferred in their first year.

Businesses with up to 15,000 employees and $5 billion in annual revenues in 2019 are now eligible, up from earlier limits of 10,000 employees and $2.5 billion in revenue. The minimum loan size will also decline to $500,000, from $1 million.

The Fed had initially unveiled two loan options, one for new debt and one for existing loans. Each of those require banks that make loans and sell them to the Fed to retain a 5% piece of the debt.

On Thursday, the Fed said it would create a third option for firms with slightly higher debt loads. Under that program, banks will have to maintain a larger 15% stake in the debt sold to the Fed.

The Fed hasn’t announced when the program will be running but said Thursday a start date would be announced soon.

Main Street Lending Program Loan OptionsNew LoansPriority LoansExpanded Loans
Term4 years4 years4 years
Minimum Loan Size$500,000$500,000$10,000,000
Maximum Loan SizeLesser of $25M or 4x 2019 adjusted EBITDALesser of $25M or 6x 2019 adjusted EBITDALesser of $200M, 35% of outstanding and undrawn available debt, or 6x 2019 adjusted EBITDA
Risk Retention5%15%5%
Payment (year one deferred for all)Years 2-4: 33.33% each yearYears 2-4: 15%, 15%, 70%Years 2-4: 15%, 15%, 70%
RateLIBOR + 3%LIBOR + 3%LIBOR + 3%


Federal Reserve Board announces it is expanding the scope and eligibility for the Main Street Lending Program
Released by the Board of Governors of the Federal Reserve System


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COVID-19 Business Disaster Recovery Assistance – Florida

Coronavirus (COVID-19): Small Business Guidance & Loan Resources

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Expanded Loan Term Sheet – Main Street Lending Program
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