A number of well-known retailers andrestaurant chains are newly eligible for loans under theFederal Reserve's Main Street Lending Program, according to ananalysis conducted by S&P Global Market Intelligence.
The Federal Reserve Board on April 30expanded the scope and eligibility of the lending program, which isintended to help credit flow to small and medium-sized businessesthat were in solid financial condition prior to the start of thecoronavirus pandemic. While loans were initially limited tobusinesses with up to 10,000 employees and $2.5 billion in revenue,the criteria has been expanded to allow businesses with upto 15,000 employees or up to $5 billion in revenue to apply.
That has opened the door to retailerslike 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
