The Treasury Department and Federal Reserve said on Tuesday that they had extended the Main Street Lending Program closing date from Dec. 31 to Jan. 8 to process a last-minute crush to make loans.
Treasury Secretary Steven Mnuchin last month declined to extend several of the Fed’s emergency lending programs, including the Main Street Lending Program, which is designed to support loans to small and medium businesses and nonprofits disrupted by the pandemic. coronavirus.
As a result, the program stopped accepting loans after December 14, but it witnessed a flood of loan submissions leading up to that deadline, some of which are still pending.
While the virus-fighting package signed by President Trump on Sunday also requires the Fed to close emergency loan programs this year, completed Main Street loans can be processed until January 8.
On Dec. 23, the Fed had funded more than $ 15 billion in loans through the program, up from $ 6 billion in loans funded just four weeks earlier, according to the filings released Monday.