June 15, 2020 / 9:15 PM / 19 days ago

U.S. Fed seeks to expand Main Street lending program to non-profits

June 15 (Reuters) - The Federal Reserve proposed on Monday to expand its Main Street Lending facility to allow it to lend to non-profit organizations hurt by the coronavirus crisis, and said it would seek public comment on the proposal by June 22.

To be eligible, organizations must be tax-exempt, have a five-year history of operations, endowments of no more than $3 billion, and meet certain financial thresholds, the Fed said in a press release. Organizations must have at least 50 employees and no more than 15,000 employees, or annual revenue of $5 billion or less. (Reporting by Jonnelle Marte and Lindsay Dunsmuir, Editing by Chris Reese)

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