Main Street Lending Program garnishes applause from Marshall

Published: Jul. 11, 2020 at 2:43 PM CDT
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TOPEKA, Kan. (WIBW) - Congressman Marshall extends applause to Main Street Lending Program.

Congressman Roger Marshall says the Federal Reserve Bank of Boston announced that the Main Street Lending Program is now fully operational and prepared to provide credit for small and mid-sized businesses impacted by the COVID-19 pandemic.

“The Main Street Lending Program was authorized by the CARES Act to provide our business owners with capital to retain employees, continue operations and weather the impacts of the pandemic,” said U.S. Congressman Roger Marshall, M.D. “We want to get Americans back to work, keep our Main Streets open and continue to rebuild our economy. This is just another example of President Trump and this administration supporting our business owners and ensuring the return of our great economy.”

Marshall says the Federal Reserve will work with approved lenders to purchase loans made to struggling businesses that were in sound financial status before the COVID-19 pandemic. He says Congress approved $75 billion for the program, with intentions of helping businesses with less than 15,000 in need of additional liquidity to maintain operations and payroll continuity.

According to Marshall, the Main Street Lending Program follows the Paycheck Protection Program which has provided over $5 billion for small businesses across Kansas and is responsible for the retention of over 400,000 jobs in Kansas small businesses.

For more information on the Main Street Lending Program visit Marshall’s Coronavirus Resource Page.

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