7/17/2020, 4:12 PM (Source: TeleTrader)
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Fed eases NPO's access to Main Street Lending Program

The United States Federal Reserve Board adjusted on Friday the Main Street Lending Program so nonprofit organizations such as educational institutions and hospitals could have easier access to the funds.

Explaining the decision, Chair Jerome Powell said that "nonprofits provide vital services across the country and employ millions of Americans," so the Fed "adapted its approach so that it can best support them in carrying out their vital mission during this extraordinary time."

The minimum employment threshold for nonprofits was lowered to 10, according to the Fed's statement, while the limit on donation-based funding was also eased. Furthermore, several other financial eligibility criteria were updated to suit NPO's operating models better.

Breaking the News / ND