In response to the economic impact of coronavirus, Congress rolled out the Main Street Loan Program to help businesses get funding to stay afloat. This program provides $600 billion in financing for all businesses. Before you consider applying for this loan program, there are a few things to consider.
Eligibility requirements
In order for a business to qualify for the Main Street Lending Program loans, a business must:
- Have been established before March 13, 2020
- Must be an eligible business according to the SBA
- Have less than 15,000 employees or have no more than $5 billion in 2019 revenue
- The SBA affiliation rules apply in determining employee and revenue count
- Refer to SBA regulations before you begin counting employees, you can count all full-time, part-time, seasonal employees. This count does not include volunteers or independent contractors.
- Have been created or organized in the U.S. with most operations and employees based in the United States.
- Cannot have already participated in Main Street Loan facilities or the Primary Market Corporate Credit Facility
- Businesses that have taken part in the SBA PPP are eligible to receive a Main Street Loan
- Have not received specific support pursuant to the CARES Act (Subtitle A of Title IV for air carriers, air cargo, and businesses critical to national security)
How much can you borrow?
There are three different secured and unsecured 4-year term loan options under the Main Street Lending Program. For more information on the three types of loans, click here.
If you meet these above requirements, you can apply for the loans within the Main Street Lending Program. We want to help you get prepared before you apply. Download our TGG Main Street Loan Organizer, to ensure your financials are organized and ready to be reviewed!
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