A number of well-known retailers and restaurant chains are newly eligible for loans under the Federal Reserve's Main Street Lending Program, according to an analysis conducted by S&P Global Market Intelligence.
The Federal Reserve Board on April 30 expanded the scope and eligibility of the lending program, which is intended to help credit flow to small and medium-sized businesses that were in solid financial condition prior to the start of the coronavirus pandemic. While loans were initially limited to businesses with up to 10,000 employees and $2.5 billion in revenue, the criteria has been expanded to allow businesses with up to 15,000 employees or up to $5 billion in revenue to apply.
That has opened the door to retailers like American Eagle Outfitters, Rent-A-Center and Urban Outfitters, and restaurant chains like Cracker Barrel and Texas Roadhouse.
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Dan Packel
Dan Packel is an editor on the Business of Law desk at ALM. He writes a weekly briefing for Law.com, "The Law Firm Disrupted," on change and innovation in the legal marketplace. He is based in Philadelphia. Contact him at [email protected]. On Twitter at @packeld
