Nonprofits probably will be eligible for the Federal Reserve’s Main Street Lending Program, according the top Senate Democrat.
The program, announced April 9, is a $2.3 trillion effort to help small and midsize businesses and local governments weather the Covid-19 crisis. The program will back loans made by banks to businesses with up to 10,000 employees, among other provisions.
Nonprofits had worried they wouldn’t be eligible and were pressing the Fed to include them. The Fed is still working out the details of the program.
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