Summarized from Jade West, National Association of Wholesaler-Distributors
Only 200 banks have signed up to participate in the Main Street Lending Program since it opened up to lenders two weeks ago, Federal Reserve officials have told the Associated Press. The number represents only 4 percent of the country’s roughly 5,000 lenders and none of them have issues any MSLP loans yet.
The low number of participating banks represents another challenge for the repeatedly delayed COVID-19 relief program, which was established as part of the CARES Act and is intended to aid small and medium-sized businesses that were in sound financial condition before the outbreak of the pandemic.
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