Treasury Secretary announces Main Street Business Lending Program

Move closes gap for larger fleet operators with more employees

WASHINGTON, DC – U.S. Treasury Secretary Steven T. Mnuchin today approved the establishment of a “Main Street Business Lending Program,” further expanding aid to businesses impacted by the coronavirus pandemic.

“Initially, this closes an important gap for our larger fleet operators with employee numbers too large for the Small Business Administration programs,” said UMA President & CEO, Larry Killingsworth. The SBA Paycheck Protection Program and Economic Injury Disaster Loan Program are the two critical programs Congress is looking to invigorate with additional funding for businesses with less than 500 employees.

For the Main Street Lending Program, the Treasury Department will make a $75 billion equity investment in a special purpose vehicle established to implement the program. This will permit up to $600 billion in new financing for businesses with up to 10,000 employees or $2.5 billion in 2019 annual revenues.

In a statement from Treasury’s Public Affairs office, Secretary Mnuchin said, “The Main Street Business Lending Program will make a significant difference for the 40,000 medium-sized businesses that employ 35 million Americans. This important Main Street initiative complements the robust relief efforts already underway such as the Paycheck Protection Program, Employee Retention Credits, and Economic Impact Payments, while protecting taxpayer funds.”


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