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Uncertainty looms over PPP s relaunch
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Fed, Treasury Extend Main Street Lending Program Cutoff Date to Jan. 8 Update
12/29/2020 | 01:43pm EDT
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By Nick Timiraos The Treasury Department and Federal Reserve said Tuesday they had extended the cutoff date for the Main Street Lending Program from Dec. 31 to Jan. 8 to process a last-minute crush to deliver loans. Treasury Secretary Steven Mnuchin last month declined to grant an extension to several emergency-lending programs run by the Fed, including the Main Street Lending Program, which is designed to support lending to small and midsize businesses and nonprofits disrupted by the coronavirus pandemic. As a result, the program stopped accepting loans after Dec. 14, but it witnessed a flood of loan submissions leading up to that deadline, some of which are still being processed.