Hoeven: Federal Reserve Announces Support for Non-Profit Organizations Under Main Street Lending Program

BISMARCK, N.D. – Senator John Hoeven today issued the following statement after the Federal Reserve Board announced that it has approved two new loan options under the Main Street Lending Program for non-profit organizations, including educational institutions, hospitals and social service organizations. The loans provide deferred principal payments for two years and deferred interest payments for one year to help these organizations weather the challenges of the coronavirus disease 2019 (COVID-19) pandemic. Organizations must have tax-exempt status under section 501(c)(3) or 501(c)(19) of the Internal Revenue Code to be eligible. Details of the loan options can be found on the Fed’s website here.

“Today’s announcement complements our efforts to make sure the Main Street Lending Program can be utilized by a wide variety of businesses and other organizations in our state,” said Hoeven. “We appreciate the Fed for advancing these two new loan options for non-profits, which will serve as useful tools in maintaining their operations through the COVID-19 pandemic.”