Washington Report

Advocacy Updates from Washington D.C.

NAR Backs Expanded Main Street Program to Nonprofits

The Federal Reserve’s Main Street Lending Program supports small and medium-sized businesses needing help in light of the COVID-19 pandemic. Under the program, the Federal Reserve will support up to $600 billion of loans to eligible small and medium-size for-profit businesses and is currently considering expanding eligibility to certain nonprofit organizations, including tax-exempt organizations under section 501(c)(3) or 501(c)(19) of the Internal Revenue Code.

NAR submitted a comment advocating for expansion of this program to 501(c)(6) organizations. Such an extension would cover nonprofit organizations such as business leagues, chambers of commerce, real-estate boards, and boards of trade that provide critical services to support American businesses and are vital components to the economic recovery.

NAR’s Comment Letter

NAR's Quick Reference Guide to the Main Street Lending Program