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6/11/2020 Statement from Secretary Steven T. Mnuchin on the Expansion of the Main Street Lending Program | U.S. Department of the Treasury Statement from Secretary Steven T. Mnuchin on the Expansion of the Main Street Lending Program June 9, 2020 WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin issued the following statement on the expansion of the Main Street Lending Program announced by the Federal Reserve Board: “The expansions announced yesterday to the Main Street Lending Program are the result of an extensive comment period, and are designed to be er meet the needs of small and medium-sized businesses. This should help support a broad-based economic recovery as the country reopens. Many great American companies that were in sound financial condi on have been adversely impacted by the pandemic. The Main Street Lending Program was established to help ensure that these businesses have access to the liquidity they need to maintain, restart, and rehire as the economy safely reopens. The Federal Reserve Board lowered the minimum, increased the maximum loan size thresholds, and extended the repayment period by delaying principal payments for two years. They also extended the term to five years in order to provide greater flexibility for borrowers. Other changes include lowering the por on of the loans retained by the origina ng bank to five percent for all eligible loans submi ed to the program.” #### https://home.treasury.gov/news/press-releases/sm1028 1/1
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