Support for Small and Mid-Sized Businesses
The Federal Reserve has established the Main Street Lending Program to provide an additional $2.3 trillion in loans to support small and mid-size businesses. Loans in this program may be in addition to loans granted through the Paycheck Protection Program (although these loans are not forgivable).
To qualify, a business must have no more than 10,000 employees and a 2019 annual revenue that does not exceed $2.5 billion. The business must also be created and have significant operations in the United States.
A loan through this program will have the following terms:
- Minimum loan size of $1 million and
maximum of $25 million or an amount not to exceed four times the eligible borrower’s 2019 earnings (EBITDA) - Unsecured term loan with
four-year maturity - Deferred amortization of principal and interest for one year
- Adjustable secured-overnight financing rate (plus 250-400 basis points)
- No prepayment penalty
To learn more, please visit the CGA COVID Business Resource Page or contact a CGA Business Law attorney.
CGA’s latest blog posts.
Zoom Court
Preparing for a court hearing is a daunting experience for most people. In some cases, however, the case may be heard over Zoom or other digital platforms to allow clients to trade stuffy courtrooms for the comfort of their own home. What started as a pandemic response of moving the court room to Zoom has…
Removing Occupants from Property in Pennsylvania: Ejectment vs Eviction
After you purchase a property at tax sale, you may find that there are people still living in the property. An ejectment action will need to be filed in order to remove any occupants because the Tax Assessment Office will not remove them for the purchaser. The Pennsylvania Supreme Court confirmed in 2019 that a…
Continue Reading Removing Occupants from Property in Pennsylvania: Ejectment vs Eviction
