Federal Reserve Moves to Assist Larger Businesses

• The loans will be made available, as has been the case with the Paycheck Protection Program, through financial institutions, not directly from the government.
• The minimum loan size is $1 million with a maximum of up to $150 million, depending on the borrower’s current outstanding debt.
• Amortization or principal and interest are deferred for one year.
• The loans will have a four-year maturity, low adjustable rates, and prepayment can be made without penalty.
• The CARES Act restrictions regarding compensation, stock repurchase, and dividend are applicable.

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