Main Street Lending 2.0: A Proposal to Support Our Most Vital Nonprofits
Nonprofits deemed “large” by the government have been completely shut out of the two most important sources of COVID-19-related financial support: the SBA’s Paycheck Protection Program (“PPP”) and the Federal Reserve’s Main Street Lending Program (“MSLP”). However, unless they receive immediate assistance, some will not make it through the next few months; few, if any, will survive without making drastic cuts to services that will be more vital than ever to our collective health, well-being, and safety during the COVID-19 crisis and its aftermath. Fortunately, there is no need to develop an entirely new program: PPP and MSLP can be modified to get the job done as we describe in Main Street Lending 2.0: A Proposal to Support Our Most Vital Nonprofits.