League Calls for Improvements to Nonprofit Main Street Lending Program
This week, the League submitted comments (PDF) to the Federal Reserve, in coordination with the broader nonprofit sector, to suggest several revisions to the Main Street Lending Nonprofit Organization Expanded Loan Facility and the Nonprofit Organization New Loan Facility, which was proposed on Monday, June 15. In order for orchestras and other nonprofit organizations to utilize these much-needed resources, the program should be improved to remove the 50-employee floor, eliminate the requirement that no more than 30% of 2019 revenues come from donations, and offer more favorable loan terms and eligibility requirements. Additionally, nonprofit advocates are calling on Congress to take action to allow the Main Street loans to be forgivable. The League will keep you posted as the Fed takes next steps in finalizing the terms of the Nonprofit Main Street Lending program.