Main Street Lending Program Doesn't Support All Nonprofits

We appreciate that the Federal Reserve updated some of the eligibility criteria of the Main Street Lending Program (MSLP) for nonprofits based on comments submitted by our organizations and others. We had hoped the loan terms released by the Federal Reserve would work for the entire nonprofit community. However, the new loan terms released on Friday retain numerous financial restrictions that make the loan program unworkable to most organizations that are targeted for support. We now call on Congress to include provisions in the next COVID-19 relief package that ensure mid-sized nonprofit organizations have access to forgivable loans.