On June 21 NAR sent a letter to the Board of Governors of the Federal Reserve System (Board). The letter provides comments to the Board on its proposal to expand the Main Street Lending Program to provide access to credit for nonprofit organizations. The importance of 501(c)(6) organizations should not be overlooked by the Board, and to the extent they require support, they should have access to the Main Street Lending Program. In addition, the term sheets should recognize the structure of Section 501(c)(6) entities, and modifications in required terms and conditions should be made to ensure that these organizations can participate in the loan programs as a practical matter.
NAR Letter to Federal Reserve Board Regarding Main Street Lending to Nonprofits
Issue Date: June 21, 2020
Download Letter