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AAU Joins Organizations to Submit Comments on Main Street Lending Program

AAU joined ACE and 44 other organizations to submit comments to the Federal Reserve about the Main Street Lending Program, a new loan program created by the CARES Act. The program is designed to support businesses with fewer than 10,000 employees by providing loans of $1 million to $25 million and additional lending, added to existing loans, of up to $150 million. The program does not include guidance on the eligibility of nonprofit organizations – such as colleges and universities – which has led some lawmakers to interpret that these nonprofit organizations are not eligible to participate. In the letter, the organizations encouraged Federal Reserve to clarify that these nonprofits are eligible to receive credit and loans under the Main Street Lending Program.

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