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Freed Maxick Service Delivery Update

We have implemented a phased approach for returning to our offices that allows us to modify our approach to service delivery as situations change without any service disruptions. In the meantime and in the interest of public health and the safety of our community, our teams will continue working remotely whenever possible to provide the same high-quality service you have come to expect. Utilizing state-of-the-art technology, we are committed to meeting all of your assurance, tax, and advisory needs to help you navigate a business environment filled with challenges and opportunities. To discuss a specific need that can’t be handled remotely, please contact your Freed Maxick representative directly.

Federal Reserve Providing Greater Access to Credit for Nonprofit Organizations - Releases Updated Term Sheets

By Ryan E. Caster, CPA on July, 20 2020
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Ryan E. Caster, CPA

Director

Fed Reserve

Overview

On Monday, June 15th, the Federal Reserve issued a press release announcing that it will be seeking public feedback on the proposed expansion of the Main Street Lending Program to nonprofit organizations. The proposed expansion would provide loans to small and medium-sized nonprofit organizations that were in good financial condition prior to the coronavirus pandemic. As part of the press release, the Federal Reserve released a summary of the proposed terms of the loan options, as well as first drafts of term sheets for public consultation. The period to submit feedback to the Federal Reserve ran through Monday, June 22nd.

 

On Friday, July 17th, the Federal Reserve issued a press release announcing that, based on the public feedback received, certain terms and conditions for participation in the Main Street Lending Program were amended for nonprofit organizations. Updated term sheets for the two loan options that are available to eligible nonprofit organizations were also released on the Federal Reserve Bank of Boston’s website (New Loan Facility; Expanded Loan Facility). For more information, download our latest whitepaper below.

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