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6/16/2020 Statement from Secretary Steven T. Mnuchin on Main Street Programs to Support Lending to Nonprofit Organizations | U.S. Department … Statement from Secretary Steven T. Mnuchin on Main Street Programs to Support Lending to Nonprofit Organizations June 16, 2020 WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin issued the following statement on the announcement that the Federal Reserve Board will seek public feedback on a proposal to expand the Main Street Lending Program to provide access to credit for nonprofit organiza ons: “Nonprofit organiza ons play a vital role in our economy and our society, and o en are on the frontlines of our na on’s response to COVID-19. Many now face serious financial strains resul ng from the disrup ons to economic ac vity caused by the pandemic. With the support of the Treasury Department, the Board of Governors of the Federal Reserve System is seeking public feedback on a proposed expansion of the Main Street Lending Program to facilitate lending to U.S. nonprofit organiza ons through the crea on of two new loan op ons: the Nonprofit New Loan Facility, and the Nonprofit Expanded Loan Facility. Like the exis ng Main Street facili es open to small and medium-sized businesses, the proposed Main Street nonprofit facili es would be supported by the Department’s $75 billion investment of loss-protec ng capital under authority provided by the CARES Act. Terms for loans in the proposed nonprofit lending facili es are the same as for Main Street loans to for-profit businesses, but borrower eligibility requirements would be modified to correspond with the opera onal and accoun ng prac ces of the nonprofit sector.” #### https://home.treasury.gov/news/press-releases/sm1033 1/1
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