New changes in a federal loan program make it easier for small business owners to qualify for financial help during the coronavirus pandemic. The Main Street Lending Program was created by the Coronavirus Aid, Relief and Economic Security (CARES) Act in March to provide loans to small and medium-sized businesses that were in sound financial shape before the pandemic. Recently, the minimum loan size was lowered to better support small businesses.

As an advocate for your business, we want you to know about these Main Street Lending Program changes:

• Minimum loan amount is now $100,000
• Businesses that received a Paycheck Protection Program (PPP) loan can apply for this too

Fast facts about the Main Street Lending Program loan:

• 5-year loan
• Principal payments deferred for 2 years
• Interest payments deferred for 1 year
• Rate adjusted periodically based on LIBOR (a global benchmark)
• Business owners must make a reasonable effort to retain employees

Interested in applying?

If your company was in good financial shape before the coronavirus pandemic hit and employs no more than 15,000 people, you may qualify to apply for a minimum $100,000 loan through any eligible lender. For a list of registered lenders accepting new customers, check out Federal Reserve Bank of Boston Information for Borrowers website.

As an advocate who believes in your business, we’re sharing resources and guidance that could help you out right now. Because we know you want to do everything you can to save money, we’re also here for you with free quotes that could lower your rates on business insurance (or even improve your coverage). Ask a licensed Mylo agent to review your current policy and try to beat it.