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NPW Advocacy Alert: Nonprofits excluded from "Main Street" Lending Program
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ADVOCACY ALERT! Unfortunately, just this afternoon we received word that the Administration and the Federal Reserve, as of today, are excluding nonprofits and many institutions of higher learning from the "Main Street" lending program. This is a significant blow in particular to mid and large size nonprofits – those with more than 500 employees - that are also ineligible for the Paycheck Protection Program.
ACTIONS NEEDED NOW! The Federal Reserve is currently soliciting input about potential eligibility changes to this initiative. All nonprofits – large, mid-size and small – please do the following:
Background The Federal Reserve recently announced its new “Main Street” lending facility. This facility will support up to $600 billion in bank lending to small and mid-sized businesses, including two lending options: new loans of $1 million to $25 million, or expansion of a business’s existing loan with a bank to up to $150 million. Helpful Analysis Please see SeaChange's briefing: Too Big to Fail. |
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Please Call and/or Email Your Elected Official’s Offices Senate Senator Schumer's office can be reached at Senator Gillibrand's office can be reached at House of Representatives Congresswoman Lowey: https://lowey.house.gov/contact Congressman Engel: https://engel.house.gov/contact-me Congressman Maloney: https://seanmaloney.house.gov/contact/offices If you are uncertain click HERE. |